This Democratic presidential candidate would tax himself $16 million via YahooFinance
At least three Democrats running for president want to tax the wealth of millionaires and billionaires. But only one of them would pay the tax himself.
That’s more money than most people will ever see. But Steyer wouldn’t miss it. “I don't think it will affect me at all,” Steyer told Yahoo Finance in a recent interview. “I think I would go about my business in exactly the same way. It wouldn’t change my investment process, wouldn't change my thinking about anything.”
Warren, Sanders and Steyer favor a wealth tax because many rich people earn very little from ordinary work, and therefore pay little through the regular income tax. With most of their income from investments, they pay tax at the lower capital-gains rate, and then only when they sell an asset for a profit. A wealth tax would draw more tax revenue from those at the top, to help fund expanded health care, free college, universal child care and other Democratic priorities.
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