New York Times: How Warren Plan Would Reduce Billionaires’ Fortunes

Diane Ravitch's blog

The New York Times published an analysis of how Elizabeth Warren’s tax plan would affect the giant fortunes of the nation’s billionaires. 

If you subscribe to the Times, you can see how each of the biggest billionaires is affected.

Although they would pay big taxes, they would still be billionaires. Bill Gates denounced Warren’s plan at a Times-sponsored event, claiming that Warren would tax away $100 billion from him, leaving him a virtual pauper. Not so.

“Yes, billionaires will have to pay a little more,” Senator Elizabeth Warren said of the revised tax package she introduced recently, “six cents on each dollar.”

This modest-sounding proposal, though, would have a far-reaching impact on the wealthiest Americans when combined with her other tax plans — shrinking colossal fortunes over time and making it much more difficult to hand down multibillion-dollar legacies.

The tax bite for any individual would not equal the $100 billion…

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