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Elon Musk just became the world's first trillionaire. The typical American household would have to work more than 11 MILLION years to make Elon Musk's level of wealth. We need a wealth tax.

We could start by simplifying and actually enforcing our existing tax code rather than allowing it to continue to get ever more complex and also inventing a whole new type of tax. But trillion is a really big number and Elon is very bad, so we will probably go for a big swing and miss.

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The tax code needs a complete ground-up rewrite. Trash the whole thing and start from scratch. Unfortunately today’s Congress is inadequate for this task.