WASHINGTON — When the grand vacation homes of Newport Beach were empty on a beautiful Memorial Day weekend, Molly Munger decided it was time for the U.S. to consider taxing wealth.
"I believe in free markets. I'm the daughter of a capitalist. But not Darwin-like free, unregulated and red in tooth and claw," Munger said. While Democrats have long pushed for higher taxes on the top income tiers, the current debate goes further — whether to impose annual taxes on what people own, not just on what they earn.
Biden's view is backed by many in the economic establishment, even those who say they support using the tax code to counter income inequality. "This is really a conservative position about increasing the stability of the economy in the long term and having an efficient source of taxation," he said.