Ms. Wong is president and chief executive of Roosevelt Forward, a progressive advocacy organization.
“Should we have trillionaires? Should we even have billionaires? According to at least one recent analysis, the economy is on track to mint its first trillionaire — that is one thousand billion — within a decade. Such staggering accumulations of wealth are made possible in large part by the fact that America’s federal tax burden is so comparatively light. After a long period of seeming to venerate the 1 percent, or the 1 percent of 1 percent of 1 percent, American sentiment is swinging hard against this imbalance.
Now Joe Biden, behind in many polls and presiding over an economy that is objectively strong but politically unpopular, is hoping to boost his re-election bid with a policy idea that would once have been almost unthinkable: For this portion of the population, at least, he is vowing — almost gleefully — to raise taxes.
Even for a popular president, this would seem like a huge risk. For a Democrat with low job approval ratings and precarious poll numbers on his handling of the economy, it’s a shocking rebuke to conventional wisdom — and practically an invitation to critics to call him a tax-and-spend liberal. But on the politics as well as the policy, Mr. Biden is making the right call. Economic ideas that were once dead on arrival are now gaining traction on both the left and the right. The moment has arrived for changes in the tax code — and maybe beyond.” . . . .
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