Assistant Professor Ari Glogower featured in Bloomberg article discussing wealth tax proposals
Assistant Professor Ari Glogower was recently featured in an article by Bloomberg titled “How Warren Could Get a Wealth Tax Past the U.S. Supreme Court.”
Glogower, an expert on tax law and policy told Bloomberg that the terms of a proposed wealth tax by Elizabeth Warren and Bernie Sanders are “ambiguous.”
“Taxing unrealized gains would almost certainly trigger lawsuits arguing that, for example, a gain in a stock’s price doesn’t qualify as “income” under the Constitution. But the U.S. tax code already uses a mark-to-market taxes on some financial instruments. Eliminating those rules would cause chaos, Glogower said.
A mark-to-market tax should be on more solid ground than a Warren-style wealth tax or Dutch-style levy, Glogower added. “You’re still actually taxing real gains or losses, and it’s just a question of timing.”