Wealth taxes on ultra-wealthy households have been proposed by Democratic presidential candidates to fight against inequality and raise extra revenue, but there is substantial uncertainty about how much revenue can be raised and how a wealth tax could impact the U.S. economy. /2
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In our new report out today, we explain the basics of a wealth tax by comparing it against the current individual income tax, review other countries' experiences with one, and model the economic impact that Warren and Sanders' proposed wealth taxes could have for the US. /3
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The numbers don't add up
We find that both wealth tax plans will raise significantly less revenue than promised (only about 60% of what the Warren and Sanders campaigns project): https://tax.foundation/analysis /4pic.twitter.com/tF6FTbDVpN
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A low wealth tax rate is equivalent to a high-rate income tax
Compared to income taxes, wealth tax rates seem much low, but can result in confiscatory effective tax rates exceeding 100%.
Wealth taxes would also fall heaviest on risk-averse savers.
https://tax.foundation/analysis /5pic.twitter.com/ubcBDRUiMG
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A wealth tax would face serious administrative and compliance challenges
An annual wealth tax necessitates determining the market value of all taxable assets net liabilities every year: https://tax.foundation/analysis /6pic.twitter.com/djBA4y5zrF
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Foreigners will own more U.S. capital
A wealth tax would lead to a dramatic reduction of domestic saving, which will be replaced by foreign investors.
The ownership of many US assets would shift from home-grown billionaires to foreign billionaires
https://tax.foundation/analysis /7pic.twitter.com/FsJHVvLva1
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A wealth tax would more than double the trade deficit
The dramatic influx of foreign investment could result in massive dislocations in manufacturing and other industries that would disproportionately impact rural Americans.
https://tax.foundation/analysis /8pic.twitter.com/3a9O48IdHU
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A wealth tax would increase the types of spending it's designed to curb
A wealth tax would encourage some to consume their wealth as rapidly as possible and in less productive ways than they may otherwise, including increased donations to PACs.
https://tax.foundation/analysis /9pic.twitter.com/lt67FoKZoE
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Important to note: our analysis looks at a wealth tax in isolation, but each candidate has proposed a range of tax changes that could combine to have more extreme effects on the economy and that could even tax portions of the same base, further reducing available revenue. /10
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According to our analysis, Sen. Warren and Sen Sanders' wealth taxes would raise over $1 trillion less than promised: https://tax.foundation/analysis /11pic.twitter.com/rKAr5mWZvv
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