Michael Hiltzik: How much would Elizabeth Warren's wealth tax raise? Economists battle over the number

One of the most pointless exercises beloved of our policymakers is nitpicking at a novel proposal in its earliest stages, as though the details are vastly more important than the concept.

That's what seems to be happening with the tax on "ultra-millionaires" proposed in January by Sen. Elizabeth Warren as part of her campaign for the Democratic nomination for president. Warren's plan is to impose a 2% tax on household net worth above $50 million, with an additional 1% on fortunes over $1 billion. "This small tax on roughly 75,000 households," she said, "will bring in $2.75 trillion in revenue over a 10-year period."

Critics promptly declared the idea