From WSJopinion: Europe has tried and mostly rejected the wealth taxes that Bernie Sanders and Elizabeth Warren are now promising for America
By The Editorial Board Nov. 4, 2019 6:40 pm ET Bernie Sanders often points to Europe as his economic model, but there’s one lesson from the Continent that he and Elizabeth Warren want to ignore. Europe has tried and mostly rejected the wealth taxes that the two presidential candidates are now promising for America.
The relatively small Swedish tax still was enough of a burden to drive out some of the country’s brightest citizens. IKEA founder Ingvar Kamprad famously left Sweden for Switzerland in the 1970s over onerous taxation. In 2007 the government repealed its 1.5% tax on personal wealth over $200,000. • France. In 1982 Socialist President François Mitterrand imposed a wealth tax with a top rate of 1.5% on assets above $1.5 million at the time. The tax was eliminated then reimposed several years later. In 2013 another Socialist President, François Hollande, tried to hit the wealthy even harder.
Mr. Sanders and Ms. Warren have proposed a minimum 40% exit tax on anyone renouncing U.S. citizenship—a sort of financial Berlin Wall to block this inevitable capital flight.
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