Taxing Net Worth Is a Terrible Idea

The Supreme Court on Thursday upheld a provision of the Trump tax cuts that taxed American shareholders of U.S.-controlled foreign companies on otherwise untaxed company earnings. The case, Moore v. United States, generated interest for the potential implications it would have for a wealth tax — specifically, one based on taxing investment gains that have not yet been realized. Ultimately, the Supreme Court punted on this question, describing its decision as “narrow” and “limited.” The majority opinion by Justice Brett Kavanaugh neither opened the door for such a wealth tax nor slammed it shut. The concurring...