Will a wealth tax be crippled by avoidance schemes?

What both critics and supporters are getting wrong

Bernie Sanders and Elizabeth Warren.
(Image credit: Illustrated | Bill Pugliano/Getty Images, Scott Eisen/Getty Images, Praneat/iStock, -slav-/iStock)

Wealth taxes are hot in American politics right now. Polling consistently finds that the idea of taxing the massive fortunes held by our richest citizens is broadly popular on a bipartisan basis. And the two most progressive candidates in the Democratic presidential primary — Sens. Bernie Sanders (I-Vt.) and Elizabeth Warren (D-Mass.) — have dueling proposals to do just that.

But wealth is a mercurial thing, and more difficult to measure than straight income. Critics contend that a wealth tax would be crippled by avoidance schemes the rich would cook up. As an idea, a wealth tax may fire people up. But would it actually work?

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Jeff Spross

Jeff Spross was the economics and business correspondent at TheWeek.com. He was previously a reporter at ThinkProgress.