Wayne Winegarden Featured in Business Insider Article on Taxing Billionaires, COVID-19

Taxing billionaires would be a great way to fund the fight against coronavirus like AOC says — but only if the US government were drastically different
By: Taylor Nicole Rogers, Business Insider

The United States needs to find a way to cover the spiraling costs of coronavirus pandemic, but researchers say a wealth tax isn’t it.

Multimillionaires like Abigail Disney and Congresswoman Alexandra Ocasio-Cortez have called for a new tax on the fortunes of the country’s richest people to cover the spiraling costs of the coronavirus pandemic. However, economists tell Business Insider that such a tax faces such steep legal, logistical, and political challenges that it could never be implemented in time. . .

“A wealth tax on billionaires isn’t going to raise what you think it is and it is going to do a lot of economic harm so its the worst thing you can do in response to a pandemic,” economist Wayne Winegarden, a senior fellow in business and economics at the Pacific Research Institute added. . .

Nothing contained in this blog is to be construed as necessarily reflecting the views of the Pacific Research Institute or as an attempt to thwart or aid the passage of any legislation.

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