Whose wealth tax plan gets closer to banning billionaires?
Look, somebody has a great idea, and they follow it through, and they work hard, and they build something. Good for them. But here’s my pitch. You build a great fortune in this country, good for you. But you built it, at least in part, using workers all of us helped pay to educate. You built it, at least in part, getting your goods to market on roads and bridges all of us helped pay to build.
Warren’s choice to ease up on the class war rhetoric in this instance is a good example of the stylistic and ideological gap that divides her candidacy from Sanders’. He’s the democratic socialist who wants to lead the United States through a political and economic revolution. She’s the capitalist who wants to make markets and the government work more equitably for the middle class and poor. He would like to #abolishbillionaires. She merely wants to soak them.
But the talk is misleading in this case. If you set aside what Warren said and look carefully at her latest policy plans, hers would do more to cut many billionaire fortunes down to size than Sanders’. Here’s a simple way to break this down: Sanders has proposed one new wealth tax, but Warren has quietly proposed two. And when combined, Warren’s are a bit more aggressive.
Both candidates have put forward a net worth tax, which is the concept you generally hear referred to as a “wealth tax” these days. Though they differ on details, their versions wind up working somewhat similarly in practice: Under Warren’s plan, Americans would pay 2 percent on their net worth between $50 million and $1 billion, and 6 percent on everything above that.
This is, in effect, a large second wealth tax for people whose fortunes are heavily invested in publicly traded securities. Between it and her version of the net worth tax, Warren’s scheme would hit most billionaires harder than Sanders’ would. Take a bank executive like, oh,
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