The wealth tax proposed by Bernie Sanders and Elizabeth Warren:

Question

BlackTom AI · Accepted Answer

When evaluating the statements about the wealth tax proposed by Bernie Sanders and Elizabeth Warren, it helps to map each option to how a wealth tax is defined and what such proposals typically imply.
Option 1: 'Would increase the tax on the income of the highest income earners each year' — This describes an income tax increase on high earners, not a wealth tax. Wealth taxes target the net assets of individuals, not their annual income, so this option discusses a different policy instrument than a wealth tax.
Option 2: 'Would result in a new tax for more than 2,000,000 households' — Wealth tax proposals are aimed at very large net worth households, but depending on thresholds, the number of affected households could vary. While plausible that a wealth tax could affect many households, the exact figure is uncertain and depends on the proposed exemption levels and definitions of wealth. This statement is not the defining characteristic of a wealth tax itself, though it could be a consequence.
Option 3: 'Would create a tax on the assets (less liabilities) of the wealthiest Americans' — This directly describes a wealth tax: a tax levied on net assets (assets minus liabilities) held by the wealthiest individuals. It captures the core concept these proposals are built around and is the most accurate description among the options.
Option 4: 'Would reestablish an estate tax that was eliminated by the Tax Cuts and Jobs Act' — The Tax Cuts and Jobs Act did not eliminate the estate tax; it raised the exemption amount for estates but did not repeal the estate tax entirely. A wealth tax is distinct from an estate tax, which is a tax on the transfer of assets at death, not an annual tax on net wealth while alive. This option conflates different types of taxes and does not describe a wealth tax.
Option 5: 'Would require no additional taxpayer reporting beyond current requirements' — A wealth tax would almost certainly require substantial new reporting and valuation of assets, since net worth is not typically tracked in the same way as ordinary income. This statement runs counter to the logistical realities of implementing a wealth tax and is not accurate.
In summary, Option 3 precisely captures the essence of the proposed wealth tax by describing a tax on the assets (net worth) of the wealthiest Americans, while the other options either describe different kinds of taxes or mischaracterize the implications and mechanics of a wealth tax.

MGT 012Y 001 SQ 2025 Midterm Exam

The wealth tax proposed by Bernie Sanders and Elizabeth Warren:

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