Use This Calculator to Calculate Your Own Wealth Tax
In her bid to become president, Democratic Senator Elizabeth Warren recently proposed a wealth tax for the super-rich (dubbed the Ultra-Millionaire Tax ) to combat income inequality. Her plan calls for a two percent tax on those with a net worth of over $ 50 million and a three percent tax on those with more than $ 1 billion in assets.
The uniqueness of this tax on the very rich is that it is not only on income, but also on all assets: stocks, real estate, paintings, trust fund that you have.
According to the New Yorker , no more than 80,000 households in the United States have wealth in excess of $ 50 million, but Warren’s office claims that “leading economists estimate that tax revenue will be $ 2.75 trillion over a ten-year period.”
But Warren is not the only Democrat to have proposed raising taxes for the super-rich. Both Vermont Senator Bernie Sanders and New York Democratic Democratic Party member Alexandria Ocasio-Cortez have offered their own versions .
If you want to compare plans for yourself, Vox has built a calculator that “lets you design your own wealth tax — based on a dataset estimating the wealth of Americans in 2016 from the People’s Policy Project.”
Once you have selected your tax rates, income threshold, and evasion rate (because you know rich people will find a way not to pay them), the calculator will tell you how much income will be generated as a result and what programs that income could have paid for.
Try it here .