The fate of Sen. Elizabeth Warren’s wealth tax proposal could lie in three landmark Supreme Court cases and an extensive interpretation of the 16th Amendment.
Warren’s announcement of the “Ultra-Millionaire Tax” came as the pool of Democratic 2020 presidential contenders continues to widen and as progressive voices have shifted the scope of what is considered acceptable tax policy debate on the left. The proposal could provide an early glimpse into what may become a progressive pillar of a Democratic campaign, though it stands little chance of passage in a divided Congress.
Backers and detractors of the proposal—a 2 percent ...
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