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  Warren's wealth tax will generate $1 trillion less than she claims, study finds
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Last EditedRP  Dec 12, 2019 12:56pm
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AuthorAimee Picchi
News DateThursday, December 12, 2019 05:45:00 PM UTC0:0
DescriptionSenator Elizabeth Warren's plan to tax the fortunes of uber-wealthy Americans could generate $1 trillion less in revenue than she forecasts, according to a new analysis.

Warren has proposed imposing a 2% surcharge tax on wealth of $50 million or more, with the rate rising to 6% on billionaires. Her campaign estimates the tax would generate about $3.75 trillion in new revenue, which would be used to fund "Medicare for all" and other public programs.

Not so fast, according to the University of Pennsylvania's Penn Wharton Budget Model. The nonpartisan research group says Warren's wealth tax is likely to generate $2.7 trillion over a decade, or about $1 trillion less than she expects, partly due to tax avoidance by wealthy families.
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