Entrepreneur Andrew Yang slammed Sen. Elizabeth Warren’s (D-Mass.) proposed wealth tax because it has been tested and repealed in other countries.
“A wealth tax makes a lot of sense in principle. The problem is that it’s been tried in Germany, France, Denmark, Sweden and all those countries ended up repealing it because it had massive implementation problems and did not generate the revenue that they projected,” Yang said during the presidential debate on Tuesday evening in Ohio.
“If we can’t learn from the failed experiences of other countries, what can we learn from? We should not be looking to other countries’ mistakes. Instead, we should look at what Germany, France, Denmark, and Sweden still have, which is a value-added tax. If we give the American people a tiny slice of every Amazon sale, every Google search, every robot truck mile, every Facebook ad, we can generate hundreds of billions of dollars and then put it into our hands, because we know best how to use it,” he added.
Warren argued that raising income taxes on wealthy American families is not enough.
“So understand, taxing income is not going to get you where you need to be the way taxing wealth does, that the rich are not like you and me. The really, really billionaires are making their money off their accumulated wealth, and it just keeps growing,” Warren said.
“We need a wealth tax in order to make investments in the next generation. Look, I understand that this is hard, but I think as Democrats we are going to succeed when we dream big and fight hard, not when we dream small and quit before we get started,” he added.