The Gist

Tax Their Stuff, Not Their Money

Raising income taxes on America’s richest wouldn’t bring in that much cash. A wealth tax is where it’s really at.

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On The Gist, Kirsten Gillibrand running for president.

Alexandria Ocasio-Cortez recently floated the idea of a 70 percent marginal tax rate on America’s highest earners. That’s bad for millionaires, but is it even that good for everyone else? The New Yorker’s Adam Davidson argues it isn’t: High taxes wouldn’t rake in that much cash, and they might even scare taxpayers out of the country. Still, he’s clear-eyed about the dangers of concentrated money and thinks a wealth tax (on the value of what you own, not what you make) is where it’s really at.

In the Spiel, you should have thought of that.

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Podcast production by Daniel Schroeder and Pierre Bienaimé.