Name: Why it's so hard to tax wealth
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Why it's so hard to tax wealth

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Illustration: Sarah Grillo/Axios The wealth tax that wasn't a wealth tax isn't even a tax, now. The Democrats had a meticulously constructed to pay for a large chunk of their spending plans with a tax on billionaires, but it ignobly on Wednesday, the same day it was unveiled.Why it matters: The dream of a wealth tax will never die as it so neatly generates revenue by reducing inequality. But there are three main reasons why that dream is likely to remain just a dream for the foreseeable future.1. The Constitution:2. The billionaires:3. Americans:The bottom line: A wealth tax, or even something like the billionaire tax that's wealth-tax adjacent, carries an unmistakable aroma of socialism. And America isn't () a socialist country.Go deeper: Senate Democrats on Wednesday released a , designed to help support President Biden's social spending and climate change legislation.Why it matters: Sen. Ron Wyden (D-Ore.), chairman of the Senate Finance Committee, said the Billionaires Income Tax would raise "hundreds of billions of dollars" and would affect approximately 700 taxpayers who have more than $1 billion in assets or incomes of over $100 million a year.Millionaires be warned: Democrats are looking for creative ways to tax the wealthiest Americans to pay for their $1.75 trillion social safety net expansion, lawmakers and aides tell Axios.Why it matters: The nation’s 700 billionaires may have dodged a bullet when Sen. Joe Manchin (D-W.Va.) effectively killed a plan to tax just their unrealized capital gains. But Manchin has told colleagues he's open to hitting all the country’s richest families and individuals with higher taxes.Sen. Joe Manchin (D-W.Va.) is telling colleagues he has deep concerns about a proposed “billionaire tax” but is waiting for more details before making a final decision, people familiar with the matter tell Axios.Why it matters: The senator's doubts reveal an uncomfortable truth for the White House and congressional leaders as they race to finish — and pay for — their nearly $2 trillion social spending and climate package: A tax solution designed to satisfy Sen. Kyrsten Sinema (D-Ariz.) isn't necessarily acceptable to Manchin.

Illustration: Sarah Grillo/Axios The wealth tax that wasn't a wealth tax isn't even a tax, now. The Democrats had a meticulously constructed to pay for a large chunk of their spending plans with a tax on billionaires, but it ignobly on Wednesday, the same day it was unveiled.Why it matters: The dream of a wealth tax will never die as it so neatly generates revenue by reducing inequality. But there are three main reasons why that dream is likely to remain just a dream for the foreseeable future.1. The Constitution:2. The billionaires:3. Americans:The bottom line: A wealth tax, or even...

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Chief financial correspondent, Axios. Host, Slate Money. Follow @felixbot for my story feed.

Felix Salmon

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