The survival of American democracy depends on taxing billionaires

It is essential not just to fund the public goods the nation needs, it is indispensable to restore a sense of fairness Money doesn’t buy happiness, we’re told. Even some economists agree.

The Nobel prize-winning economists Daniel Kahneman and Angus Deaton once proposed that rising income increased people’s emotional wellbeing only up to a ceiling of about $115,000 in today’s money. They probably hadn’t met many billionaires. The ultra-rich may not pursue…