Democrats’ Wealth Tax Dreams Look Dim After Supreme Court Ruling

Democrats’ tax-the-rich agenda, the cornerstone for their 2025 tax cliff plans, faces greater hurdles after last week’s Supreme Court ruling.

The high court ruled in Moore v. United States that the levy on foreign earnings, implemented in the 2017 tax law, is constitutional. Some conservatives had hoped the justices would strike down other hypothetical taxes on unrealized income. Such a broad ruling would have upended much of the tax code, as some like former House Speaker Paul Ryan (R-Wis.) had warned.

That didn’t happen, but proposals like Senate Finance Chair Ron Wyden’s (D-Ore.) billionaire tax and Sen. Elizabeth Warren’s (D-Mass.) ...