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Warren’s Wealth Tax Could Drive Billionaires to Funds She Hates

Nov. 8, 2019, 11:00 AM

Senator Elizabeth Warren’s proposed wealth tax could be a gift to an industry she has accused of looting Americans—private equity.

The Democratic presidential hopeful’s plan to fund Medicare for All, denounced by prominent rich people like Bill Gates, hinges on a 6% annual levy on accumulated wealth in excess of $1 billion. One of the few ways for the extremely wealthy to preserve capital if such a tax were enacted would be putting their money into so-called alternative assets managed by firms such as Blackstone Group Inc., Carlyle Group LP and KKR & Co.

“A wealth tax is...

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