As one of her first acts after joining the Senate Finance Committee, Sen. Elizabeth Warren plans to introduce a $2.75 trillion wealth tax. This legislation would impose a tax on those who have assets above $50 million with a top rate of 6% per year.

This tax would be imposed annually on a taxpayer’s assets and would lead to double taxation since it would go on top of income taxes and is imposed on the same assets year after year. Wealth taxes have proven to be harmful and unworkable, which is why they’ve been abolished in many European countries, including Sweden, the Netherlands, Denmark, France, Italy, and many others.