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A Global Tax on Billionaires? Janet Yellen Says ‘No’
(www.wsj.com)
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this post was submitted on 21 May 2024
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politics
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That's literally what Yellen is refusing to participate in...
Like, the reason we can't do it, is we're not doing it...
If that sounds confusing, it's because there isn't a logical reason not to do it, besides the wealthy may donate less money to politicians
There are very real constitutional issues with explicit wealth taxes. It took a constitutional amendment to authorize the federal government to collect an income tax, and it's quite possible that it would take another to authorize a wealth tax. Particularly with this Supreme Court, Congress probably doesn't have the legal ability to impose a wealth tax even if it wanted to, to say nothing of the general complexity and costs of collecting it. There are plenty of economists who support the general idea of taxing the wealthy more but who prefer other taxation schemes.