advertised to be. they are not particularly good tax policy. this billionaire tax they are pretending carve out five or six people. make them pay a ton of taxes and not going to effect the economy. why are we looking at those five or six people? they have a large amount of investable can tall. they are taxing all of the economy. not just those five people. bret: what about the constitutionality question. i asked jared. the washington post writes it this way. wealth taxes often failed in europe. they wouldn t here. european governments made wrong choices letting tax avoidance fester. tax competition. europeans tolerated tax evasion to a foolish degree. european wealth taxes myriad exemptions divuxdzs and other breaks. making a argument this could work. aren t their questions about whether you can do it? let s take them in order. number one, you have no chance of being liable for this tax unless you are worth $100 million. that s a wealth test, about
warren buffett 4.28 billion. bill gates a billion 1/2 and jeff bezos under a billion at $908 million. that s a bunch of money from the top earners in the country. it is. the challenge with the wealth taxes is they don t work. the wealthy flee and find ways not to pay it and countries that have done this have discarded these plans because they don t bring in the money that the policymakers think and they also lead to people leaving their country. so even this administration is only assuming they will get $360 billion from this. again, this is bad policy. it could be unconstitutional policy. the reality is, this is being done to the american people to suggest they re concerned about the deficit. trace: we talked about how some democrats are baffled by this. biden s handling of the economy over the last year, back in august or april of 2021 he had