How would a wealth tax work?

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A box full of $100 bills. Credit: Pixabay.

Wealth inequality is at an extreme in America, so some Democratic presidential candidates are calling for a wealth tax. Senators Elizabeth Warren and Bernie Sanders say imposing such a tax would help fund things like free college tuition and Medicare For All. But other candidates are skeptical, including Andrew Yang, who says it hasn’t worked in Europe. In fact, France has abandoned its wealth tax.