America Does Tax Wealth, Just Not Very Intelligently
The old argument going back to David Ricardo and Henry George that you should tax land wealth very heavily seems quite sound to me.
By Matthew Yglesias (Slate)
It’s worth saying that we do kind of have wealth taxes in the United States; they’re just not very intelligently designed. The property taxes that fund local governments, for example, are a tax on housing wealth. It’s just that housing wealth happens to be the most widely held form of wealth in the country, so it doesn’t pack the egalitarian punch of a wealth tax.