As he reached 100 days in office, President Joe Biden proposed doubling the rate that millionaires pay on capital gains. This is the money that they make when they sell assets. While conservatives decry the proposal, Mr. Biden’s plan will only apply to less than 1% of taxpayers, which is not even the top half of the top 1% of wealthy people in the U.S.
Taxing the rich is important in order to ensure just distribution of resources. But like other issues challenging the Biden administration, there are deeper questions we should ask about the fairness of our tax code: What about the way that the rest of us are taxed? Are we taxed fairly? Who pays more than their fair share? And who pays less?