Study: Bernie Sanders' Wealth Tax Would Shrink U.S. Economy and Lower Wages

Study: Bernie Sanders' Wealth Tax Would Shrink U.S. Economy and Lower Wages:

Senator Bernie Sanders plan to tax the wealth of some of America’s richest families would add new revenue for the government at the cost of shrinking the economy, lowering wages, and reduce capital formation in the United States, according to a new analysis from University of Pennsylvania’s Wharton School Budget Model.
Sanders, a leading candidate for the Democratic nomination for president, has said he would impose a graduated wealth tax starting at 1 percent of a household net worth above $32 million. It would climb to 8 percent on households with a net worth above $10 billion.