Americans Like Billionaires More Than Democrats Do
With their support of a wealth tax, many in the party are trying to tap into a popular fury against the rich that might not exist.
A wealth tax is not an especially popular idea.
Photographer: Mark Wilson/Getty Images North AmericaThe apparent collapse of the Democrats’ proposed “billionaire tax” is a triumph for the median voter theorem. At the same time, the proposal’s viability is evidence that too many Democrats are seriously misreading the mood of the electorate. The rhetoric holding that the wealthy are undeserving seeks to tap into a popular fury that might not exist.
Sure, lots of people think wealth is too concentrated. But only a minority consider addressing inequality to be a government priority. And if the idea is that billionaires pose such a danger to society that the government should devise a system to take chunks of their fortunes by force — well, that doesn’t seem to be the public’s view.