Tyler Cowen asks some good questions about the rumored new proposal.
See also Stephen Green writing on Instapundit: "She [Nancy Pelosi] says it isn't a wealth tax and it will only hit the extremely wealthy so you know she's lying on both counts."
Op-ed in the Washington Post[!]: "Biden’s latest tax-the-rich scheme would be an unworkable and possibly unconstitutional mess".
Aswath Damodaran: "The Billionaire Tax: The Worst Tax Idea Ever?"
I am constantly amazed by the capacity of legislatures to write bad tax law, but this one takes the cake as perhaps the worst thought-through and most ineffective attempt ever, at rewriting tax code.