The Billionaire's Tax: An Elegy

It wasn't a completely terrible idea, but there are better ones.

Senator Joe Manchin (D.-West Virginia) lost no time in shooting down President Joe Biden’s proposed billionaire’s tax, which would tax unrealized capital gains for people whose wealth exceeds $100 million. There were problems with this wascally wabbit, and honestly, you didn’t have to be Joe Manchin to dislike it. But it also had its good points.

The best way to honor its memory is to support steep tax increases on the rich in more conventional ways. That’s the subject of my latest New Republic column.