Why taxing US billionaires’ wealth – as Biden tried to do – will never work

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Why taxing US billionaires’ wealth – as Biden tried to do – will never work: The speed with which a tax on billionaires came and went as a means to pay for President Joe Biden’s economic agenda shows why it’s so hard to tax wealth in the U.S. Democrats unveiled their proposal on Oct. 27, 2021, and it was nixed that same day, replaced with a surcharge on millionaire incomes. The idea of taxing the richest Americans’ fortunes has been batted around for some time, and perhaps with good reason from a tax perspective. The total wealth of U.S. billionaires soared by US$1.8 trillion during the COVID-19 pandemic as of mid-August. And recent reporting has found that despite their massive riches, billionaires tend to pay very little in taxes. As an expert on tax policy, I have observed that there’s a big obstacle standing in the way of a wealth tax: the Constitution.

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