Billionaire Tax

“Senior Democrats in the U.S. Congress were at odds on Wednesday over a proposal to tax billionaires' assets to help pay for President Joe Biden's social and climate-change agenda… The Senate's top tax writer, Finance Committee Chairman Ron Wyden, unveiled the idea early on Wednesday, but by afternoon his House of Representatives counterpart, Ways and Means Committee Chairman Richard Neal, said the idea appeared to be too complex to succeed.” (Reuters)

The plan would apply to those with $1 billion in assets or $100 million in income for three straight years. Tradable...