Andrew Yang: Taxing The Wealthy Is A Disaster in Practice – WATCH =>

“I understand the spirit of it and the intent of it. But I agree that it would be somewhere between problematic and a disaster in practice,” Yang told CNBC’s John Harwood.

Yang: I think the wealth tax is an idea, in spirit, that makes sense, given the wealth distribution. But in practice it would have massive implementation problems. There would be capital flight, wealthy people would renounce their citizenship. And the bigger problem isn’t even the money. It’s the annual inventorying of their assets. The truly wealthy in this country have zero interest in submitting to an annual audit of all of their assets. They barely know what all their assets are. And the last thing they’re going to do is report them every year and then pay a toll. So you would have massive compliance problems. And to me there are better ways to make this economy fair, though I understand the spirit of it and the intent of it. But I agree that it would be somewhere between problematic and a disaster in practice.

Source: Andrew Yang says the wealth tax proposals from Sanders and Warren could be a ‘disaster in practice’

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