Another Journal op-ed that surprised and delighted me was one proposing a wealth tax. Capital assets are not touched by the income tax. A wealth tax, however, could get at all those stocks and bonds Mitt Romney owns, as well as his three luxury homes and Swiss, Cayman Islands, and other bank accounts.
Ronald McKinnon, the op-ed’s author, advocates the wealth tax in order to lower the income tax. I favor it as an addition to the income tax. It is a great way to access the wealth that the 1 percent has been able to hoard over the last thirty years.