Facing a national debt of over $31 trillion, the Biden administration’s FY 2024 budget plan is looking for a gusher of new revenue in a “wealth tax” of 25% on wealth exceeding $100 million. This would tax not just personal income but gains in the value of assets.

Every several years or so a legislator is called upon to cast a momentous vote in which the stakes are high and both sides of the issue are vociferous in their views. Over the years, I have learned that the best way to treat such decisions is to study the issue carefully.