Wealth Taxes Raise Less Revenue Than You Think

Adam N. Michel

I recently covered some of the economic, administrative, and historical problems with wealth taxes in my piece, “The Return of the Wealth Tax, Evidence Against Them Is Stronger Than Ever.” I focused on the pending California ballot initiative for a one-time 5 percent wealth tax on the state’s billionaires. 

Since then, the debate has expanded to the national level with a new proposal from Senator Bernie Sanders and Representative Ro Khanna. 

Two related...