Europe Tried Wealth Taxes - Most Gave Up

For The Center Square Daily host Esther Wickham is joined by Brett Rowland to talk about a series of proposals to tax America's wealthiest households put forward by Sen. Bernie Sanders (I-VT), Sen. Elizabeth Warren (D-MA), and other democrats. Supporters project trillions in new federal revenue while critics argue the plans would generate far less than promised while creating economic and legal complications. Democrats have introduced four major proposals this year aimed at millionaires and billionaires. Phillip Magness, a senior fellow at the California-based Independent Institute, said similar policies in Europe often produced lower-than-expected revenues and, in some cases, encouraged wealthy residents to relocate.