Constitutional or Not, Wealth Tax Is Bad Idea: Allison Schrager

The US Supreme Court heard arguments on Tuesday over a dispute over a $14,279 tax bill — and the slightly more consequential question of what counts as income under the federal tax code, a definition the Biden administration would like to expand.

The tax bill at the center of the case belongs to Charles and Kathleen Moore, from an investment they made in India almost two decades ago. Although they have never realized any gains, their investment has done well, and changes to tax law passed in 2017 required them to pay taxes on its increased value. The Moores ...