Wall Street Veteran Says Forget About a Wealth Tax

Wall Street veteran Peter Kraus said individuals in the U.S. are unlikely to face higher taxes on their wealth, despite a push by Democratic leaders to raise more revenue that way.

“I don’t think a wealth tax is going to happen in the U.S., at least at the federal level, and I don’t think any states will put in wealth taxes either,” Kraus, the 68-year-old chief executive officer of asset-management firm Aperture Investors, said Monday in a Bloomberg Television interview. Yet attention will turn to “what happens to the state and local tax deduction, and with a Democratic group in charge, it’s possible some -- maybe all -- of that state tax deduction will be reinstated with a higher tax rate.”