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Unintended Consequences of High Taxes on the Rich

Two types of tax increases are being promoted by several presidential candidates and members of Congress. The less common idea, which I wrote about recently, is a wealth tax on net worth. The more common proposal is a significant increase in income taxes. Presidential candidate Bernie Sanders favors a progressive income tax that tops out […]

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Wealth Tax Is Impractical And Unrealistic

Democratic Presidential candidate and Massachusetts Senator Elizabeth Warren is proposing a federal wealth tax. It would impose annual taxes of 2% on those with household wealth—net worth, not income—of over $50 million and 3% on those with over $1 billion. Almost every person who owns a house, commercial building, or investment property pays property taxes […]

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