WT quotes Sanders as follows:
We need a tax system which asks the billionaire class to pay its fair share of taxes and which reduces the obscene degree of wealth inequality in America.Just what we don't need, a further incentive for wealthy people to move their wealth out of the country. They will arrange to earn it outside the country in ways not taxable by the U.S.
I remember when tax dodges were all the rage. You'd see a shiny looking new orchard obviously being run in a way that would lose money. The reason: some wealthy person was using it as a tax shelter. There were lots of such projects making life hard for real farmers who were trying to actually earn a living.
Raising tax rates or taxing wealth itself would hurt mostly the elderly. We should close the tax loopholes that permit people to avoid paying any tax on some kinds of income.
N.B. Closing loopholes is easy to say and hard-as-blazes to do. Each loophole has defenders who donate to political causes with the understanding that their loophole remains sacrosanct. Since most of us are unwilling to put our dollars behind political movements, the few who pay the piper call the tune.
