Revenge of the Billionaire’s Tax?

Early this morning, I appeared on CNBC’s Squawk Box to talk about Democrats’ new proposal to include a “billionaire’s tax” in their (ever-dwindling) list of budget “pay-fors.” Andrew Ross-Sorkin, one of the show’s hosts, asked me what I’d do if I were “king or queen for the day.” I should have started by saying that I would proclaim that henceforth the pay-for game shall be banished from this land. Unfortunately, Democrats dug in early, pledging that the entire Build Back Better agenda would be fully “paid for,” so it’s too late for a more sensible approach to drafting this legislation.

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