It’s Capital Day! The stock market and corporate profits are soaring, while real wages are stagnating. AI will only exacerbate these trends. Can anything be done to reverse them?
Nostalgia about revitalizing unions didn’t do Biden any good. The real answer revolves around the tax system, which has been skewed to favor capital over labor by the GOP for decades. Even some tech barons acknowledge that AI will require changes to the system. They’re right.
The blue team needs to make this issue a centerpiece of the 2028 campaign. A wealth tax won’t survive legal scrutiny, but large increases in the estate tax and an end to stepped-up basis rules will.