'The bottom line: America’s indirect system of taxing the ultra-rich has been failing miserably for over four decades, producing a concentration of wealth at the top that threatens our democracy.'
Would you walk around the block to get to your next-door neighbor’s house? Of course not. Yet America’s system for taxing the ultra-rich, especially billionaires, works that same exact roundabout way.
But these taxes don’t work that way for the ultra-rich. These deepest of pockets can essentially make decisions on spending, work, and retirement without regard to taxes. Taxes impact the ultra-rich in only one way: as the primary constraint on how much wealth they can eventually accumulate. The most direct way to achieve that reasonable result would be to tax either the wealth of the ultra-rich or the growth of that wealth. In the United States, unfortunately, we don’t go about taxing the enormously wealthy in that fashion. We rely exclusively instead on a mix of indirect measures — from taxes on personal and corporate income to levies on consumption and property — to hold in check the wealthy’s share of our nation’s wealth.
Could we transition to taxes that take a more direct approach to constraining the wealth share of our ultra-rich? We certainly could. We have at least three choices.
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