Elizabeth Warren has a plan to tax wealth, and it's a joke

Elizabeth Warren wants to impose an annual wealth tax on those who possess more than $50 million. She is happy to bring it up whenever asked about how she is going to pay for her ambitious plans to expand government, implying that it will pay for most or all of them.

In reality, such a tax has been tried, and it would be foolish to write off the results. A wealth tax would set off an instant stampede of capital out of the United States, along with some degree of wealth and access to employment for the middle class, all in exchange for what she claims would be a $2.75 trillion windfall for the federal treasury over 10 years.