'I understand the spirit of it and the intent of it. But I agree that it would be somewhere between problematic and a disaster in practice,' Yang told CNBC's John Harwood.
"I understand the spirit of it and the intent of" the wealth tax idea, Yang told Harwood. "But I agree that it would be somewhere between problematic and a disaster in practice."The Republican economists I talked to who praise the efficiency of what you proposed contrasted it with the wealth tax that Sanders and Warren have talked about. They say it just won't work, won't raise the money, will trigger a lot of evasion. There are measurement problems.
There would be capital flight, wealthy people would renounce their citizenship. And the bigger problem isn't even the money. It's the annual inventorying of their assets. The truly wealthy in this country have zero interest in submitting to an annual audit of all of their assets. They barely know what all their assets are. And the last thing they're going to do is report them every year and then pay a toll. So you would have massive compliance problems.
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