Marc Gerson Comments on Senator Warren's Wealth Tax Legislation in InvestmentNews
"Advisers Express Skepticism About Warren's Wealth Tax"
Marc Gerson, former majority tax counsel to the U.S. House of Representatives Committee on Ways and Means, commented on the wealth tax legislation – introduced Monday by Senator Elizabeth Warren (D-MA) and other Democratic lawmakers – that would impose a two percent annual tax on the net worth of households and trusts worth between $50 million and $1 billion, and a three percent tax on those of more than $1 billion. To keep the Senate Democratic caucus on board with such a proposal, a wealth tax bill might have to transform from "aspirational to practical" as it goes through the legislative process. "That means reconsideration of the scope and appropriateness of any tax increase," Gerson noted. "The question is how do you define wealth and how do you tax wealth."