Democratic Wealth Tax Proposals Demonstrate Economic Ignorance

Bashing the rich may be good politics, but it’s terrible economics.

It's open season on wealth and those who create it. Candidates for the Democratic presidential nomination like Sen. Bernie Sanders (I–Vt.), for instance, say that "Billionaires should not exist" and the wealth disparity in America is "a moral and economic outrage." California businessman Tom Steyer—who happens to be a billionaire—says that "Senator Sanders is right," while Sen. Elizabeth Warren (D–Mass.) laments the "extreme concentration of wealth" in America.

They all call for both a wealth tax and a massive...