At best, a wealth tax would generate $2.4 trillion over 10 years.
John Ricco and Jon Huntley, 3-18-2021, John Ricco is the Director of Tax and Budget Analysis and a public finance expert specializing in tax policy and microsimulation modeling, "Budgetary and Economic Effects of Senator Elizabeth Warren’s Wealth Tax Legislation — Penn Wharton Budget Model," Penn Wharton Budget Model, https://budgetmodel.wharton.upenn.edu/issues/2021/3/15/budgetary-effects-of-senator-warren-wealth-tax, //hm-sms
PWBM projects that the Ultra-Millionaire Tax Act of 2021, introduced by Senator Elizabeth Warren, would raise $2.1 trillion over the standard 10-year budget window (2022-2031) under scoring conventions used by government agencies. Incorporating the effects of enhanced IRS enforcement, our projection rises to $2.4 trillion over 2022-2031 and $2.7 trillion over 2023-2032. Also incorporating macroeconomic effects of the Act reduces estimated revenue to $2.0 trillion over 2022-2031 and $2.3 trillion over 2023-2032. We estimate that the Act would reduce GDP by 1.2 percent in 2050.