Wealth tax not the best way to tax the rich

A host of public opinion data confirms that Americans favor higher taxes on the wealthy. It would seem that taxing the rich is so popular that even the rich are for it, or at least some of them. An open letter published June 24 by 19 very wealthy people, including Abigail Disney and George Soros, declared that “America has a moral, ethical and economic responsibility to tax our wealth more.” Billionaire Eli Broad chimed in with a pro-wealth-tax New York Times op-ed. Certainly their self-abnegating spirit is consistent with the policy tendency that Democratic candidates expressed during…