How to Tax a Trillionaire

The article discusses the debate around taxing the wealth of ultra-high-net-worth individuals, particularly trillionaires. It argues that the focus on wealth taxes has become overly hysterical and that a more pragmatic and durable approach is needed. The article suggests that the traditional income tax system may not be sufficient to adequately tax the wealth of trillionaires, as they can often defer or avoid income taxes through various means. It proposes exploring alternative mechanisms, such as a tax on unrealized capital gains or a wealth tax, to ensure that these individuals pay their fair share. The article cautions against the pitfalls of wealth taxes, such as potential implementation challenges and the risk of capital flight. It emphasizes the need for a well-designed and carefully considered approach that addresses these concerns while ensuring that the tax system remains fair and effective. Overall, the article advocates for a pragmatic and nuanced discussion on how to effectively tax the wealth of the ultra-wealthy, moving beyond the emotional rhetoric and focusing on finding a durable and sustainable solution.