Source: CounterPunch
by Dean Baker
“While proponents of a wealth tax proved unsuccessful at the polls in their efforts to downsize the billionaires, it seems the financial markets are doing the job for them. The S&P 500 index fell 4.4 percent on Thursday, more than reversing its post-election rally on Wednesday. The NASDAQ dropped 5.5 percent, losing more in one day than what the wealth tax would have taken from the billionaires over 5 years.” (11/10/26)
https://www.counterpunch.org/2026/11/10/the-market-route-for-a-wealth-tax/