The debate over wealth taxes is about more than who pays more in taxes. It is how much visibility the government should have into people’s personal finances and how much power the IRS should have to scrutinize, value, and challenge what they own.

A federal wealth tax would represent a significant expansion of that reach. To enforce it, the government would need greater insight into taxpayers’ assets and the authority to determine the value of privately held businesses, investments, and other property. And when the IRS challenges a taxpayer, the individual can be left with the burden of producing the records and evidence necessary to prove the agency wrong.

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