The idea of a wealth tax is popular—even among Republicans—but Andrew Yang said it’s the wrong approach, writes PeterHamby
’s Council of Economic Advisers and has advised several Republican politicians. Mankiw argued that because millionaires hold their wealth in a variety of ways—real estate, the stock market, overseas accounts or assets that have no market value at all—it’s near impossible to come up with a single tax formula for all of them.
Whether or not Mankiw’s conservative analysis of Warren’s tax policy plays in a Democratic primary, Yang had no qualms echoing his argument, saying that not only does a VAT tax make more sense, it could actually garner support among Republicans in Congress. “I’m dubious” that Warren could get a wealth tax through Congress, Yang told me. “The big winners from the 21st-century economy are gonna be your Amazons, your Googles, your Facebooks,” he said.
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