Friday, 10 Jan 2020 07:20 PM MYTWASHINGTON, Jan 10 — The idea of imposing a wealth tax on the richest Americans has elicited sharply divergent views across a spectrum of politicians, with President Donald Trump branding it socialist and progressive Democratic presidential contenders Senators Elizabeth Warren and Bernie Sanders prominently endorsing it.
A wealth tax is levied on an individual’s net worth, such as stocks, bonds and real estate, as well as cash holdings, similar in concept to property taxes. It is separate from an income tax, which applies to wages, interest and dividends, among other sources. Zimmerman said she would especially be in favour of a wealth tax that would help pay for government programmes for US military veterans, or help single parents with young children. “It could put the border wall up,” she said.
Republican survey respondents interviewed by Reuters said they did not see their support for a wealth tax conflicting with their party ideals or their support for Trump. At the most recent Fed policy meeting, staff members presented research on how families’ differing access to credit might make a recession worse — the sort of exercise that shows how unequal starting points among households can influence national outcomes.
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