Redistribution in general, and taxing the rich in particular, remains the primary ground the two parties are fighting over on a daily basis. jonathanchait writes
A large swath of commentary about American politics is built on the premise that the Democratic Party represents the economic elite, while Republicans are the party of the working class.
The political problem is that the legal basis for taxing wealth, as opposed to income, is unclear. The pre–New Deal activist right-wing court struck down income tax as unconstitutional, and so it remained until the 16th Amendment specifically authorized an income tax. Since the Court is once again controlled by activist conservative justices, they might well strike down any tax on wealth on the theory that is distinct from income.
It’s clear, however, that the thrust of the opposition on the right has nothing to do with the program’s design and everything to do with its objective. The Wall Street Journal editorial page, after listing some narrow objections, complains that Biden’s plan would hit “hundreds of successful entrepreneurs and small business owners who accumulated wealth over decades through innovation and hard work.” That is true, though it would also hit many people who simply inherited these assets.
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