Billionaires’ Low Taxes Are a Problem for the Economy

Wall Street Journal: “California’s plan to hit its richest residents with a one-off wealth tax is a long shot, and its design has problems. But a look at who picks up the tab when billionaires scrimp on taxes, and how wealth concentration is affecting the wider economy, shows why the issue isn’t going away.”

“The risk is that the U.S. economy becomes increasingly dependent on a narrow group of very rich households, whose spending is tied to the performance of the stock market. This could mean the entire economy pays a steep price in the next market correction.”