Biden’s Billionaires’ Tax Is Mainly a Way to Avoid Taxing the Rich
President Biden’s proposed billionaire tax died so quickly that I scarcely had time to formulate an opinion before West Virginia Senator Joe Manchin, the Democrats’ fiftieth vote, shot it down. Now that I’ve had time to think it over, the billionaire tax strikes me as a somewhat radical proposal that, as Mark Twain famously said about Wagner’s music, is better than it sounds. But it’s also, paradoxically, a symptom of the Democrats’ extreme timidity on the general subject of taxation.
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