Biden Proposes a New Wealth Tax

Just like the first one, it is antithetical to sound tax policy and economic reasoning.

You have to hand it to the leftists: They never give up. Despite the demise of President Biden’s Build Back Better plan — along with its wealth-tax proposal — the administration is back again with yet another idea for taxing wealth. They’ve just given it a new name.

The Treasury Department recently released its explanation of the administration’s FY 2023 revenue proposals. The so-called Green Book lays out exactly how the administration proposes to raise $1.628 billion in new taxes over the next ten years. In addition to raising the corporate-tax rate to 28 percent and pushing the top personal income-tax rate to 39.5 percent, the proposal creates what effectively amounts to a wealth tax. Treasury claims that the new tax will raise $239.5 billion in revenue over the next decade.

The fact that the last wealth-tax proposal went down in flames is not a deterrent to leftist policy-makers. Rather than revisiting the merits of such a play, they’ve merely changed the branding. Instead, what we now have before us is referred to as a “minimum income tax” to be imposed on the richest Americans.