Treasury secretary came out against the proposed global levy, which proponents say would stop the rich from shifting wealth into countries where they can avoid paying the tax
Treasury secretary came out against the proposed global levy, which proponents say would stop the rich from shifting wealth into countries where they can avoid paying the tax
There are very real constitutional issues with explicit wealth taxes. It took a constitutional amendment to authorize the federal government to collect an income tax, and it’s quite possible that it would take another to authorize a wealth tax. Particularly with this Supreme Court, Congress probably doesn’t have the legal ability to impose a wealth tax even if it wanted to, to say nothing of the general complexity and costs of collecting it. There are plenty of economists who support the general idea of taxing the wealthy more but who prefer other taxation schemes.