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    Michael Hiltzik: Elizabeth Warren's wealth tax proposal is constitutional, experts say — and necessary

    by Michael Hiltzik, Los Angeles Times Jan 25, 2019 5 minutes

    Sen. Elizabeth Warren, D-Mass., a newly declared presidential candidate, has turbocharged the progressive attack on income inequality with a proposal for a "wealth tax" aimed at Americans with net worth of more than $50 million.

    Warren herself hasn't issued many details of her plan. But according to UC Berkeley economists Emmanuel Saez and Gabriel Zucman, who advised her on the proposal, the tax would be 2 percent on net worth above $50 million and another 1 percent on net worth above $1 billion. They say it would affect about 75,000 U.S. households, or less than 0.1 percent of the total, and raise $2.75 trillion over 10 years. That's about 0.1 percent of gross domestic product per year.

    Warren's announcement, made Thursday via Twitter, is certain to be met with two big questions: Is a wealth tax constitutional, and is it necessary? Legal

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