Is a Wealth Tax Unconstitutional?

A wealth tax proposed by Senator Elizabeth Warren has found favor in certain academic circles, including the University of California, Berkeley. It would be 2 percent of worldwide assets of U.S. citizens and residents in excess of $50 million and 3 percent of assets in excess of $1 billion, in addition to existing income and transfer taxes. It’s claimed this wealth tax would raise an estimated $2.75 trillion in revenue over 10 years. But is it constitutional? Continue reading

What’s the Value of Illegal Art?

If an inherited artwork is illegal to sell, should the beneficiaries of the artwork be taxed on a value of zero or on the appraised value as if the artwork were legally salable, or possibly somewhere in between? That’s the issue in a case discussed in a recent New York Times article and it raises an interesting debate among experts on estate taxation. Continue reading