What do you think, of the politics. Thanks.

I think a wealth tax is extremely unlikely, even if the Democrats won the Presidency in 2028.

People seem to forget this, but the legislation that a Democratic majority can pass is the legislation that can get through the party's most conservative Senators. That's why there wasn't a public option in Obamacare. It's why the Build Back Better Act was bedeviled by Manchin and Sinema. That's why we never had national cap and trade or a carbon tax. Etc. This sometimes gets overlooked, especially in the enthusiasm the progressive base has when their candidates win (like El-Sayed and Jackson and Sherrod Brown last night). But the road to 50 votes runs through the conservative side of the party.

Progressives had some big wins last night, but the margins of the Democratic control of the Senate lie with centrist Senators in reddish states: Kansas, Texas, South Carolina, North Carolina, Iowa. Those Senators are not especially likely to support a wealth tax.

Plus, there's a very good argument that Congress lacks the power to impose a wealth tax - or at least, the kind of wealth tax we're talking about here. Congress is not allowed to impose direct taxes without apportionment (that is, they have to be spread around to the states based on population). There is an exception for income taxes, which was adopted after SCOTUS ruled that Congress lacked the power to impose income taxes without apportionment. That will make it hard to get a wealth tax through Congress, much less have it stand up after adoption.

The Democrats have definitely moved more to the populist left and are likely to continue being more economically progressive going forward, so we can expect to see changes in tax policy to reflect that. I think that there will definitely be efforts to possibly tax unrealized cap gains, for example. But an actual wealth tax is probably well outside