Advisers express skepticism about Warren’s wealth tax
The measure faces a difficult legislative journey in a narrowly divided Congress, even if it becomes part of a reconciliation bill that can be approved by a simple majority in the Senate.
March 1, 2021 3 MINS
Investment advisers are wary of wealth tax legislation introduced Monday by Sen. Elizabeth Warren, D-Mass., and other bicameral Democratic lawmakers, expressing skepticism that it would make the economy fairer and warning that it could be difficult to implement.
The Ultra-Millionaire Tax would impose a 2% annual tax on the net worth of households and trusts worth between $50 million and $1 billion, and a 3% tax on those of more than $1 billion.