
© Frank A. Nankivell/Puck MagazineA 1910 political cartoon titled "The Central Bank" from Puck magazine, illustrated by Frank A. Nankivell.
Below is my column in the
Wall Street Journal on the bizarre claim of Gov. Gavin Newsom and others that the Framers would have supported wealth taxes, including the proposed Billionaire's Tax. It is a claim that seeks to mask the
economically unwise with the historically unfounded.
The Framers sought to protect property from legislative redistributive impulses. James Madison wrote that the bicameral system, and particularly the Senate, "ought to be so constituted as to protect the minority of the opulent against the majority." That does not sound like an ally of Bernie Sanders and Ro Khanna.
Was James Madison the Zohran Mamdani of his time? Gavin Newsom appears to think so. In joining the growing number of Democratic leaders supporting a wealth tax, the California governor claimed that the U.S. Constitution and our Founders were all about wealth distribution: "The system America's founders built,"
he said, "was designed to prevent the concentration of power in a few hands, but we have allowed that concentration to happen anyway, slowly, in plain sight, over decades."
The only problem with this argument is that it is utterly and demonstrably false. The Madisonian democracy is designed to avoid the concentration of
political power, not the concentration of wealth.
Comment: British social media is rife with examples