David McLean is the William G. Droms Professor of Finance at the McDonough School of Business at Georgetown University and the author of The Case for Shareholder Capitalism: How the Pursuit of Profit Benefits Us All (Cato Institute, 2023).
A new wave of wealth-tax proposals is upon us. A California ballot initiative would impose a one-time 5 percent tax on billionaire wealth. Senator Elizabeth Warren, D-MA, has...