A wealth tax is simply un-American

Most of the criticism of a wealth tax, an idea that is quickly becoming mainstream within the Democratic Party, revolves around its feasibility. The more compelling argument, however, is against it on principle: It would allow the federal government to undermine a central animating idea of American capitalism.

Set aside the questions of whether a wealth tax would be constitutional or how much revenue it would raise. Instead, focus on whether it could be made to work - and what it would mean if the answer is yes.

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A version of this article appeared in the print edition of The Straits Times on October 31, 2019, with the headline 'A wealth tax is simply un-American'. Print Edition | Subscribe