There has been much written lately about imposing an explicit wealth tax, as well as higher income taxes, on the richest Americans.

Several Democratic presidential contenders, most notably Elizabeth Warren, have called for a wealth tax and it has been embraced by more than a few members of the very group that would be hit hardest by such a levy.

Proponents such as George Soros, Chris Hughes and Abigail Disney argue that such a tax could raise trillions of dollars over a decade, money that might be used to address myriad social challenges such as climate change, crumbling infrastructure, student loan debt relief, structural poverty and universal childcare. They claim in an open letter that a wealth tax is patriotic and would strengthen our democratic freedoms, and that arguments against the tax “are mostly technical and often overstated”.