The notion that the wealthy do not pay their “fair share of taxes” has been an article of faith for the Left for many decades. Based on that notion, President Joe Biden has proposed a “billionaire’s tax” to strip the rich of their wealth, not only imposing a minimum tax rate of 20% on the full income of households worth over $100 million, but the same tax rate on “unrealized” investment income — in effect, a wealth tax.

The proposed tax neglects a number of inconvenient facts.