Janet Yellen and Elizabeth Warren, powerful economic voices in America, disagree on a tax for the uber-rich

New York CNN Business — Democratic Senator Elizabeth Warren faces an uphill battle persuading Washington to back her tax on ultra-millionaires — starting with convincing her own party’s Treasury Secretary. Janet Yellen, whom Warren praised last year as an “outstanding choice” to lead the Treasury Department, fears a wealth tax would be too messy to implement. “We designed this wealth tax by building on the experiences of other countries that put together a wealth tax and weren’t always successful,” Warren said in the interview. In particular, there are concerns about how to value assets and prevent the wealthy from hiding cash overseas Yellen, the former Federal Reserve chief, said last week at a DealBook conference that she isn’t planning a wealth tax like Warren’s because it’s “something that has very difficult implementation problems.” “People say, ‘Well, rich people cheat so we shouldn’t even try to use a wealth tax,’” Warren said. Fairness in the tax system Asked whether President Joe Biden has any appetite for a wealth tax, White House Press Secretary Jen Psaki said during Monday’s press briefing that Biden “strongly believes that the ultra-wealthy and corporations need to finally start paying their fair share.” “He’s laid out a lot of ideas and when we get to that point in our agenda, he’ll look forward to working with and others in Congress,” Psaki said.