Vermont, well known for its liberal politics, has set course for another far-left folly. Leading members of the state legislature have introduced bills that would impose two taxes on the most productive residents of the state.

The first tax would add a 3% surtax on people with adjusted gross incomes of more than $500,000. That is bad policy but not overly controversial. The second proposal would tax on an annual basis assets valued above $10 million. That tax would be imposed on assets whether gains were realized or not.