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. 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. For at least the last half-century, raising taxes has been the third rail of American politics.

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Persons: Joe Biden, —, Biden, Ronald Reagan, Howard Jarvis, taxers Locations: California