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Elizabeth Warren, Bernie Sanders propose 3% wealth tax on billionaires
- thedudeabides5 6y ago2% wealth tax, plus zero percent nominal interest rate, plus 3% inflation....means -5% real yield for those counting at home. Looks like we'll get negative real interest rates one way or another!
- eesmith 6y agoWhat's the effective rate of return that Gates gets on his billions?
- jschveibinz 6y agoBy web search, there are 614 billionaires in the US. Let's say you took an extra 100 million dollars from each of them every year: $61.4 billion. The total annual tax revenue in the US is almost $4 trillion--that is 4000 billion. $61.4 billion is a drop in the bucket. In my opinion, the numbers don't warrant all of the hand-wringing about billionaires--whose worth is largely invested capital which stimulates the economy.
- dennis_jeeves 6y agoBut the peasants are rebelling, what do we do to pacify them?
- eesmith 6y agoThe headline is incomplete. The proposal also includes a 2% tax on wealth over $50 million. The article estimates about 100,000 Americans would be affected, giving a minimum of $100 billion in increased taxes. The article then goes on to estimate a revenue of $300 billion/year ($3T/decade). An increase of 7.5% in the total annual tax revenue is not a drop in the bucket. Full details are at https://www.warren.senate.gov/imo/media/doc/Wealth%20Tax%20Revenue%20Estimates%20by%20Saez%20and%20Zucman%20-%20Feb%2024%2020211.pdf https://www.warren.senate.gov/imo/media/doc/Wealth%20Tax%20R... , which was linked-to from the article.
- dennis_jeeves 6y agoWhy stop at 3%? 6,9, 12 etc. is even better...
- dqpb 6y agoDo these proposals come with a model that details assumptions and expected outcome?
- dqpb 6y agoFound it: https://www.warren.senate.gov/imo/media/doc/Wealth%20Tax%20Revenue%20Estimates%20by%20Saez%20and%20Zucman%20-%20Feb%2024%2020211.pdf https://www.warren.senate.gov/imo/media/doc/Wealth%20Tax%20R...