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Wealth Tax Would Be a Pain for the IRS and a Boon for Appraisers

Sept. 19, 2019, 8:00 AM

Senator Elizabeth Warren’s campaign promise to fund social programs by making America’s wealthiest pay a small percentage of their fortune every year could create a costly and difficult compliance system for both the taxpayers and the IRS.

A wealth tax affecting the country’s 75,000 richest households could raise $2.75 trillion over the next decade, according to Warren’s plan. This proposal is her answer when asked how she plans to play for expanded child care and debt-free college—assuming it could actually be implemented.

“It would be difficult for the Service to get its arms around the wealth tax,” said Mark ...