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Meaningful discussion on the wealth tax is needed


As the Biden administration looks for sources of revenue to pay for legislation addressing infrastructure and climate change, a familiar idea has reemerged: the wealth tax. Championed by progressives like Senators Elizabeth Warren and Bernie Sanders, the potential legislation would tax the assets of the wealthiest Americans each year. 
There are valid arguments on both sides of the issue. On the one hand, a wealth tax would narrow the massive inequality gap in the United States. At the same time, however, wealthy individuals often do a better job allocating capital – through business ventures and philanthropy – than the federal government.
One much-repeated argument, however, is a red herring that should be given little weight. Opponents of the wealth tax are fond of proclaiming that it is unconstitutional and therefore the Supreme Court would likely invalidate it. Former Democratic Treasury secretary Robert Rubin, for example, said that a “wealth tax, if passed, ....

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Biden's promise of major gun reform may not be a done deal | Editorial


On February 14, President Biden marked the third anniversary of the deadly shooting incident at Marjory Stoneman Douglas High School in Parkland, Florida, with an announcement that he is calling on Congress to enact “commonsense gun law reforms.”
As always, the details matter. The president defined “commonsense” as a requirement for background checks on all gun sales, a ban on “assault weapons and high-capacity magazines,” and an end to “immunity for gun manufacturers who knowingly put weapons of war on our streets.”
The U.S. Supreme Court held in 2008, in the District of Columbia v. Heller decision, that the Second Amendment right to “keep and bear arms” is an individual right that is not contingent on service in “a well-regulated militia.” That means the U.S. Constitution limits the federal government’s power to pass laws restricting that right. ....

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