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Alexis Leondis

Democrats’ Latest Soak-the-Rich Tax Is Just a Paper Tiger

There’s a stiff surtax on incomes over $10 million in the Build Back Better bill. One problem: Hardly anybody would actually have to pay it.

Harder than it looks, apparently.

Harder than it looks, apparently.

Photographer: Gerardo Mora/Getty Images for MoveOn

Democrats love to talk about their big ideas for soaking the rich. They’ve proposed various ways to do it, from creating a special tax for billionaires to closing decades-old trust loopholes. Those have been shelved as lawmakers wrangle over the particulars of their big tax and spending bill, leaving just one provision aimed at the very wealthy.

It’s a surtax on high income and capital gains. And there’s not much bite to it.