A tax on accumulated wealth?

Pioneers tend to be people who read words carefully.  When the president speaks, we listen.  And in the State of the Union, there was one sentence that stuck out.  He said, “ Let’s close loopholes that lead to inequality by allowing the top one percent to avoid paying taxes on their accumulated wealth.”

Does anyone have a clear sense what this means?  Clearly, what the president has in mind is not a change in taxes on earnings.  Is the implication that he is looking at end-of-life taxes?   That wouldn’t be likely given the political downsides during an upcoming election cycle.  Is it a new tax?  The president’s is one of those odd locutions that didn’t just land there by accident.

File under sleeper issue.

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