Robert Carney Explores Taxing Wealth on Federalist Society Webinar
Always on the lookout for new sources of federal revenue, some lawmakers are now drawn with to the prospect of taxing wealth. In 2020, Sen. Sanders proposed a “Make Billionaires Pay Act,” described briefly here. In her Presidential campaign, Sen. Warren also proposed a tax on wealth. Now as a member of the Senate Finance Committee, Sen. Warren, along with Sen. Sanders and others, have proposed an “Ultra-Millionaire Tax.”
Because Article I, Section 2, Clause 3 of the Constitution requires that “direct taxes shall be apportioned among the several States,” it took the 16th Amendment, passed by Congress in 1909 and ratified in 1913, to enable Congress to tax incomes. Does the Constitution permit Congress to tax wealth? With co-author Prof. John R. Brooks, Prof. David Gamage wrote Why A Wealth Tax Is Definitely Constitutional. In The Warren Wealth Tax: A Response To Professor Bruce Ackerman, Prof. Jonathan Turley lays out some of the arguments to the contrary.
In this virtual discussion, Profs. Turley and Gamage will discuss the constitutional issues wealth tax proposals present.
- Senior Counsel