Wealth Taxes and Luxury Taxes

Elizabeth Warren has proposed a wealth tax on the super wealthy (more than $50 million, 2% tax) and ultra wealthy (more than $1 billion, 3% tax), though there is some chance that such taxes may be unconstitutional. I like the goal - reducing inequality while delivering important services like health care and education - but have some qualms about the methodology. A big tax on, say, Jeff Bezos's wealth would quickly dilute his control of Amazon, and detaching a company from its guiding force might be counterproductive. On the other hand, I have absolutely no problem with taxing the hell out of luxuries like private jets, yachts, football teams, and residential property worth more than, say, ten times the US median home price.

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