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Taking even the lowest rate (1.7%) and the smallest base (top 0.5%) from the Spanish wealth tax and applying it to the US would mean an immediate $340 billion annual tax revenue increase.

That would be a 7% increase in total tax revenue and, applied to social welfare programs, would constitute a 25% increase in their funding.

A wealth tax can work -- those who say otherwise are either billionaires or listening to billionaires.

#lawfedi @law #wealthtax #taxes

https://news.bloombergtax.com/tax-insights-and-commentary/spains-wealth-tax-model-could-address-inequality-in-us-policy