Photograph by Nathaniel St. Clair

Many progressives have long pushed for a wealth tax to lessen some of the huge fortunes that have been built as a result of the rise in inequality over the last half-century. Regardless of the merits of a wealth tax, to many of us it seemed like an impossible political and even legal lift. It is unlikely that this Supreme Court would find it constitutional.

Thankfully, we didn’t have to elect a liberal president with majorities in Congress to impose a wealth tax. Donald Trump is doing it for us with his huge tariffs. The S&P 500 is down almost 18 percent from its........

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