EXPLAINER: What’s a ‘wealth tax’ and how would it work?

By JOSH BOAK
Associated Press

To help pay for his big economic and social agenda, President Joe Biden is looking to go where the big money is and that’s billionaires. Biden never endorsed an outright “wealth tax” when campaigning for the White House last year. But his more conventional proposed rate  increases on the income of big corporations and the wealthiest Americans have hit a roadblock. That leaves a special tax on the assets, not the income, of billionaires being proposed by a Senate Democrat as a possible way to help pay for Biden’s plans on child care, universal pre-kindergarten, child tax credits, family leave and environmental initiatives.