Derek Thompson(@DKThomp):My take on wealth taxes is they won't work well at the local or state level, because you're targeting the people with the greatest means and motivation to just pick up and move somewhere, and they won't work well at the national level, because they'd almost certainly require a constitutional amendment, just as federal income taxes did (the 16th Amendment), so in both cases you're creating a levy that is basically designed to disappear.

Derek Thompson

@DKThomp

Substack author. Plain English podcast host. Abundance co-author. Contributing writer at The Atlantic.

Joined May 2009

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Derek Thompson@DKThomp

2026.10.20 12:25

My take on wealth taxes is they won't work well at the local or state level, because you're targeting the people with the greatest means and motivation to just pick up and move somewhere, and they won't work well at the national level, because they'd almost certainly require a constitutional amendment, just as federal income taxes did (the 16th Amendment), so in both cases you're creating a levy that is basically designed to disappear.

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