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#12 | POSTED BY EBERLY AT 2026-10-21 10:07 AM | REPLY

You are correct, it is a very complicated issue and constitutional issue. Under the U.S. Constitution, a federal wealth tax would likely be considered a direct tax. Unlike indirect taxes (such as duties, imposts, and excises) which must be geographically uniform, direct taxes must be apportioned among the states based on population, meaning each state's total tax contribution must match its share of the U.S. population. The federal income tax is a direct tax, but the 16th Amendment specifically carves out income taxes from indirect tax handcuff. You also have the "realization" issue in that generally there needs to be a realization event for a tax to arise - some accretion to wealth.

One popular alternative is to turn off the "buy, borrow, die" spigot. One planning technique used by the super wealthy is to borrow against appreciated assets and use those proceeds to generate gains at a rate higher than any interest paid. Borrowing is not a realization event - meaning if I own real estate with a fair market value of $10mil and a tax basis of $0 and I sold that property, I would have $10mil of taxable gain realized, if instead I borrow $5mil at an 8% rate against that property that isn't a realization event. So the wealthy lever up assets and then when they die the beneficiaries will get a step up in basis in the asset. So, that $10mil property with zero basis is now a $10mil property with $10mil in basis. If the beneficiaries turn around sell for $10mil, there is no gain. You can then use the proceeds to pay down any remaining debt. The idea would be to make the borrowing against the property a realization event for the super wealthy so that in the example above, when an owner borrows the $5mil, it will be taxable. That route is a lot easier than a wealth tax.

Meta may have a larger problem ...

Meta ordered to pay $25 billion penalty in New Mexico Cambridge Analytica case
www.cnbc.com

Meta was ordered to pay $25 billion in penalties related to the Cambridge Analytica scandal in New Mexico.

The penalty comes after a jury in a Santa Fe courthouse found the social media giant liable for misleading state citizens about how it safeguards and collects user data.

New Mexico district court judge said in the filing that "Facebook did not conduct the comprehensive investigation that it promised" following the Cambridge Analytica revelations. ...


@#2

2020 Electoral College Map
www.realclearpolling.com

...
Biden/Harris: 216
Toss Ups: 197
Trump/Pence: 125
...

Did you mean 2016?

www.realclearpolling.com

...
Clinton/Kaine: 203
Toss Ups: 171
Trump/Pence: 164
...



More from the article ...

... There is reason for concern. In addition to high-profile misses " the most prominent among them, the 2016 presidential contest that elected Trump " recent election cycles have witnessed cratering survey response rates, flawed weighting and turnout assumptions, and a rise in bad-faith actors, not to mention the challenge of vanishing landline phones.

This year, a handful of episodes have further undermined confidence. Polls predicted a slam-dunk victory for Abdul El-Sayed in Michigan's Democratic Senate primary -- he won by 1 percentage point. Francesca Hong, the democratic socialist running in Wisconsin's Democratic primary for governor, held a double-digit lead in preelection surveys -- she narrowly lost. And a poll in the Los Angeles mayoral race -- which spread widely after one of the candidates, Mayor Karen Bass, touted it on social media -- turned out to be entirely bogus. The Los Angeles Times later reported that the individual behind the sham poll said it was part of a "short-term social experiment" to examine how polling numbers could "spread through the political information ecosystem without independent verification."

The polling misfires, however, don't reflect the changes in the industry. There are new methods of reaching people, and new ways to account for the most elusive voters.

Those corrections have seemingly paid off; you may not realize it, but the polls largely nailed the results of the past two midterms.

Still, polls aren't meant to be predictive. They represent a snapshot in time, offering insight into public sentiment and voters' most pressing concerns.

"Certainly, given the polling misses in 2016 and, to some extent, 2020, there's an obvious fear factor," says Charles Franklin, director of the Marquette Law School Poll. "We've done a lot over this past decade to try to improve the control we have over those kinds of errors, but ultimately we can't force people to do polls, and so this remains always a background fear factor." ...

[emphasis mine]

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