Democratic politicians always need causes to keep their base riled up. Senator Elizabeth Warren of Massachusetts has proposed a wealth tax on the superrich — people like Jeff Bezos. If the feds took away a lot of his money, good things could be done with it, and he’d barely miss it. So why not?

In his latest Bastiat’s Window post, economist Robert Graboyes subjects her proposal to withering scrutiny:

Warren claims the tax would fall only on “ultra-millionaires.” For these individuals, the tax would fall on: “[a]ll household assets held anywhere in the world will be........

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