NEW: On Tax Day, @samarthgupta.bsky.social argues in @ms.now we’re using a tax system built for a different era.
With just 7 brackets, different incomes are being taxed the same. More brackets would better capture the gap between the top 1% and 0.01% and raise more revenue from the ultrarich.
Raising revenues to address our debt and invest in America will require making hard policy choices.
In making those choices, it’s important to be honest about the legitimate reasons to support/oppose any policy and to point out unrigorous arguments like many we’re seeing now.
What you don't here debated are the more foundational questions:
1) What is the goal?
2) Does a wealth tax achieve that goal?
3) Is it constitutional?
4) Is it politically popular and resilient?
Smart people can and do disagree on those questions!
For example, under a Biden proposal, founders with illiquid wealth could defer tax payment and pay a deferral charge.
In addition, while people threaten to leave America if there's a wealth tax, they'd have to pay an unrealized capital gains upon renunciation of citizenship.
This is what you often get from the loudest voices:
1) Founders will have to sell companies.
2) Asset values could crash and the wealthy will be broke.
3) Entrepreneurship will die.
4) We already tax capital gains.
5) People will leave.
Every serious proposal addresses these.
There's been a robust debate about California's proposed wealth tax.
The debate is dominated by bad faith arguments. Here's what critics get wrong about wealth taxation—and what they should be arguing about instead.
www.wickedgoodpolicy.com/p/debunking-...
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'If the Supreme Court, on the other hand, permits the President to issue tariffs under IEEPA, it will shape the future of US international economic policy in both predictable and unpredictable ways' writes Samarth Gupta.
A trip to Disney or a family outing to Fenway used to be a little splurge but manageable. Something you could do each year.
Today, the experiences and events that define Americana are displacing the middle class, instead catering to the wealthy.
www.wickedgoodpolicy.com/p/americanas...
After years of prolonged conflict and unnecessary death, there is a clear need to force Putin’s hand. President Trump’s instinct is right, but his approach is wrong. There’s still time to change course—and an urgent need to.
thehill.com/opinion/inte...
On military assistance, the President took a good first step in unpausing military assistance that Congress already committed. He should go further and ask Congress to approve additional military assistance for Ukraine, showing Putin that he Russia cannot easily win a war of attrition.
To provide Ukraine with financial support—without asking our American or European taxpayers to foot the bill—the G7 should seize the $300 billion of frozen Russian sovereign assets and commit them to supporting Ukraine.
www.foreignaffairs.com/russia/make-...
The second way to change Putin’s calculus is demonstrate that America will back Ukraine financially and militarily.
The first thing he needs to do is follow his instinct to hit Russia’s energy revenues, but to do so in a way that doesn’t cause collateral damage to America and the rest of the world. Hubbard and Wolfram’s universal tariff idea is a great way to do so.
www.nytimes.com/2025/03/27/o...
Putin recognizes Trump’s domestic political vulnerabilities–especially after last week’s economic news. Secondary tariffs won’t force Putin to negotiate in good faith; he’ll call Trump’s bluff.
The President should force Putin’s hand by doing two other things instead.
If India, China, and others stop buying Russian oil, global prices will spike as Russian oil exports account for 7% of global supply.
If these countries keep buying the oil and Trump imposes a 100% tariff them, imports from those countries will become far more expensive.
If Trump follows through with his plan, prices will ignite in America just as 2/3 of voters disapprove of Trump's handling of inflation. And that’ll happen regardless of what decisions other countries make.
Energy sales are the Kremlin's cash cow; they account for a quarter of its budget. Going after them is a good way to get Putin's attention, but the Trump proposal is an empty threat. If imposed, it'll hurt the U.S. economy and markets, and as we (and Putin) know...TACO.
Trump has promised to impose "secondary tariffs" next week on Russian energy sales to force Putin's hand.
He's right to try to change Putin’s calculus, but is approach is misguided.
Let's unpack why.
thehill.com/opinion/inte...
A lot to like:
▫️Sec. 208 - NEPA reforms
▫️Sec. 209 - Innovation Fund for localities to boost supply
▫️Sec. 301 - Modular and prefab units
▫️Sec. 405 - Voucher reform to streamline unit inspections
There's plenty of bipartisan things to move the ball forward.
www.banking.senate.gov/newsroom/min...
The @evictionlab.bsky.social and @zoningatlas.bsky.social are both indispensable public goods.
In every American town and city, there's now no denying the scale of the housing crisis and a root cause of it.
▪️https://www.zoningatlas.org/
▪️https://evictionlab.org/
With additional resources, the IRS had:
- lowered call wait times from 28 to 3 minutes
- Improved its level of service from 15% to 88%
- Provided 11,000 more hours of in-person support
- Launched Direct File
- Doubled audit rates on the wealthy and cracked down on e.g., corporate jet loopholes
The abundance agenda is absolutely necessary to solve our country's housing crisis, but it's not enough.
We'll likely only have one shot at meaningful federal housing legislation and we have to make sure it meets the full breadth and depth of the problem.
www.wickedgoodpolicy.com/p/abundance-...
We've not only created a system where millions of families are trapped in homelessness, but we've also enabled their pain to become a big pay day for extractive businesses.
A must read from @brian-goldstone.bsky.social:
www.goodreads.com/book/show/21...
Federal financing can mimic Medicaid expansion to direct more money toward high-poverty school districts.
That money, in turn, could be used to get better teachers and mimic the Mississippi Miracle.
www.wickedgoodpolicy.com/p/we-get-the...
Evan Bonsall, former elected official in Marquette, Michigan and current high school social studies teacher, on what Dems have gotten wrong on education and where we can go from here...
Check out Wicked Good Policy's first guest post 🔽
www.wickedgoodpolicy.com/p/5-hard-tru...
When Tim Walz became Kamala Harris's running mate, progressives highlighted policies passed. It could not have been possible without Melissa Hortman.
-Free school breakfast and lunch
-Restoring voting rights for felons
-Paid leave
Great piece by @gracepanetta.bsky.social
19thnews.org/2025/06/rep-...
Contrary to what it feels like on a social media news feed, the political power of celebrity endorsements in presidential elections is largely gone. Celebrity influence can still be decisive in politics, but it needs be local and issue-based.
www.wickedgoodpolicy.com/p/trumps-rig...
We can limit gun violence by subsidizing manufacturers and tech companies to build safer technology. We can pay for it by taxing the sales of assault rifles and high-capacity magazines.
The best part? It'd only take 50 votes in the Senate.
www.wickedgoodpolicy.com/p/technology...
