Leaders | An unrealisable idea

How to tax billionaires—and how not to

Closing loopholes would be a better bet than a levy on unrealised capital gains

President Biden is cutting a red arrow that is pointing upwards
Illustration: Mark Long

Editor’s note (June 20th 2024): The Supreme Court has ruled in Moore v United States, upholding the tax at issue (the “mandatory repatriation tax”). The court declined to weigh in on the constitutionality of a tax on unrealised gains.

From the June 22nd 2024 edition

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