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Why Elizabeth Warren's Wealth Tax Won't Work

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Elizabeth Warren says her “Ultra-Millionaire Tax” will raise $2.75 trillion. History says otherwise.
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Elizabeth Warren wants the federal government to provide free healthcare for every American, college for every student who wants it, childcare for every parent, and housing for low-income families.

And she wants to pay for it all with a new tax on the richest of the rich. She calls it the "Ultra-Millionaire Tax."

Skimming a bit more off the top of the bank accounts of the ultra-wealthy might sound like a good deal for working- and middle-class Americans who feel like they're falling behind, but the reality is that wealth taxes have been tried before. And they haven't worked the way Warren promises.

Full text and sources available at https://reason.com/?posttype=video&p=8014230

Produced by John Osterhoudt. Based on an article by Peter Suderman. Additional graphics by Josh Swain.

Photo of Sen. Warren; credit: F. Carter Smith/Polaris/Newscom

Photo of Sen. Warren; credit: Richard Ellis/ZUMA Press/Newscom

Photo of Sen. Warren; credit: Kevin Dietsch/UPI/Newscom

Photo of Sen. Warren; credit: Derrick Salters/WENN.com/Newscom

Photo of Sen. Warren; credit: Brian Cahn/ZUMA Wire/Newscom

Photo of Sen.'s Warren and Sanders; credit: Tom Williams/CQ Roll Call/Newscom

Photo of Perry Mansion; credit: CelebrityHomePhotos/Newscom

Photo of IRS Sign; credit: Molly Riley/McClatchy DC/TNS/Newscom

Photo of Fredensborg Palace, Denmark; Credit: hbgbild/MEGA/Newscom

Photo of Malmo City Library, Sweden; Credit: Armand Tamboly/robertharding/Newscom

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taxation is theft
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