After watching an interview of New York City Mayor Bill de Blasio on Fox’s Sean Hannity show, Gary Labusohr’s letter on Aug. 15 lamented that Democratic candidates provide no details or specifics on taxation.
Other candidates have indeed provided a lot of detail, though you might not hear it from watching Sean Hannity.
Sen. Elizabeth Warren has proposed a “ultra-millionaire” wealth tax to combat rising income inequality in the U.S. Households would pay an annual 2-percent tax on every dollar of net worth over $50 million, and a 3-percent tax on every dollar over $1 billion. She estimates that about 75,000 households would pay the tax, and it would raise an estimated $2.75 trillion over 10 years.
This would provide revenue for many of her proposals, including a $25 billion investment in improving rural health care access and an $85 billion investment in rural broadband.
She also has a specific proposal on the issue of executive compensation that Mr. Labusohr raised that is not “social engineering” or mandating what executives should be paid. Her bill would give workers in companies the right to vote for two-fifths of seats on the corporate boards that approve these compensation packages. Giving employees a voice – a minority voice, I should add – in corporate decision-making isn’t communism and it isn’t as radical as you might think. Germany has done it for decades.
I, too, hope voters are not “too lazy to do their own research.” They can consult Sen. Warren’s website for more details about her policy proposals, or read about the pros and cons of progressive wealth taxation in a Febuary 2019 review of the literature by profs. Saez and Zucman at the UC-Berkeley, available on Zucman’s website.