A new wave of wealth-tax proposals is upon us. A California ballot initiative would impose a one-time 5 percent tax on billionaire wealth. Senator Elizabeth Warren, D-MA, has reintroduced her annual wealth tax legislation. Senator Bernie Sanders, I-VT, has proposed a 5 percent yearly levy on billionaires. These proposals differ in design but share a common premise: that billionaires hold enormous wealth on which little tax is being paid.
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