Dreaming the Impossible Dream: Is a Wealth Tax Now Possible in America?

Source: Richard Lavoie, University of Akron Legal Studies Research Paper No. 14-01, March 2, 2014

From the abstract:
It is often thought that a direct tax on individual wealth is a political non-starter in the United States. Not only is such a tax arguably unconstitutional, but as a psychological matter it goes against the American psyche. That is, each of us hold out hope that someday we might become rich too, so we will not support any tax perceived as a “soak the rich” ploy. But has wealth inequality in the United States now reached the breaking point? Might recent public attention to the issue of economic inequality indicate that it might be possible to make a wealth tax a reality? This article will examine the utility and political viability of adopting a wealth tax in the United States.