Europe tried wealth taxes. Most gave up. US considers similar

(The Center Square) – Democratic senators are advancing a series of proposals to tax America's wealthiest households, with supporters projecting trillions in new federal revenue. Critics, however, argue the plans would generate far less than promised while creating economic and legal complications. Democrats have introduced four major proposals this year aimed at millionaires and billionaires. Phillip Magness, a senior fellow at the California-based Independent Institute, said similar policies in Europe often produced lower-than-expected revenues and, in some cases, encouraged wealthy residents to relocate. U.S. Sen. Bernie Sanders, I-Vt., and Rep. Ro Khanna, D-Calif., introduced the Make Billionaires Pay Their Fair Share Act in March. The proposal would impose a 5% annual wealth tax on the roughly 938 Americans with a net worth exceeding $1 billion. U.S. Sen. Elizabeth Warren, D-Mass., introduced the Ultra-Millionaire Tax Act, which woul