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EXPLAINER: What's a 'wealth tax' and how would it work?

1 month ago   |   By My Sanantonio

To help pay for his big economic and social agenda, President Joe Biden is looking to go where the big money is: billionaires.
Biden never endorsed an outright “wealth tax” when campaigning last year. But his more conventional proposed rate hikes on the income of large corporations and the wealthiest Americans have hit a roadblock.
That leaves a special tax on the assets, not the income, of billionaires being proposed by a Senate Democrat as a possible vehicle to help pay for child care, universal pre-kindergarten, child tax credits, family leave and environmental initiatives.
Biden has...
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