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Janet Yellen's Treasury sees a wealth tax as too hard to implement, but she has other ideas on what to change

Posted On: Apr 23, 2021   |   Posted By: Business Insider

Janet Yellen's Treasury sees a wealth tax as too hard to implement, but she has other ideas on what to change

Summary List Placement Treasury Secretary Janet Yellen has indicated that a wealth tax is off the table, but she is looking at other potentially significant measures.
In an interview with The New York Times' Andrew Ross Sorkin , Yellen said she wasn't planning a wealth tax like Sen. Elizabeth Warren's proposal because it's "something that has very difficult implementation problems."
Yellen also said during a virtual conference held by the Times that "a wealth tax has been discussed," but it's not favored by President Biden.
One major plank of Sen. Warren's presidential run - and, later, Sen. Bernie Sanders' run - was a wealth tax. Warren called for an "Ultra-Millionaire Tax" that would levy an annual 2% tax on households with net worths between $50 million and $1 billion. Households that have a net worth over $1 billion would have seen a 3% annual tax. Warren has renewed her calls for a wealth tax amidst the pandemic, as inequality grows along with the K-shaped recovery.
Stephen Henley, senior managing...

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