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Updated · NPR · May 8Democrats seek tax rise on wealthy to fund worker tax cuts
12 articles · Updated · NPR · May 8
- Maryland Senator Chris Van Hollen outlined the proposal, while a tax policy expert told NPR's Planet Money he had reservations about the plan's maths.
- The proposal aims to shift more of the tax burden onto higher earners so taxes on worker income can be reduced.
- The report focuses on how Democrats say the plan would work and on concerns over whether the numbers add up.
With wealth already leaving states over tax proposals, can a federal wealth tax succeed without triggering mass capital flight? Could taxing wealth actually shrink the economy by discouraging the investment and risk-taking that fuels long-term growth? How can tax systems accurately value complex private assets like tech startups and art collections on an annual basis?