On June 12, against all odds – even his own – Elon Musk became a trillionaire when SpaceX's IPO debuted. The stock closed at $161, up 19% on its first day.

Musk's wealth has made economists, politicians and Democrats mad. This is shortsighted: His extraordinary net worth isn't a symbol of greed or inequality; it's a byproduct of ingenuity, risk-taking and perseverance – traits that have always defined American success.

That doesn't seem to matter though. The SpaceX IPO has reignited Democrats' longstanding push for policies that penalize entrepreneurs and wealthy Americans. This would be a mistake. Increasing taxes on the rich will hurt the very people they seek to help and dampen the qualities that drive American productivity and prosperity.

Democrats want a wealth tax more than ever

The news set off a cascade of criticism. Economist Robert Reich slammed the IPO, calling it a "Ponzi scheme" and comparing it to the Department of Government Efficiency. Democrats wasted little time using Musk's success as a case for raising........

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