Daily Tax Report ®

HILL TAX BRIEFING: Wealth Tax Backers Weighing Smaller Options

Dec. 3, 2019, 11:18 AM

Crafting a simpler wealth tax that is divided evenly among states or making a wealth tax look like an income tax are among the ideas under discussion as experts look for ways to put a wealth tax on more solid constitutional footing.

Democratic presidential hopefuls Elizabeth Warren and Bernie Sanders see a tax on wealth as a key pay-for as they eye large government programs. Supporters of those plans are increasingly worried they could face constitutional challenges, because the Constitution says the federal government can’t impose “direct taxes,” except for an income tax, without distributing the money among the states....

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