Should we equalize the tax rates applicable to capital gains and ordinary income? Absolutely. But let’s not kid ourselves. Making that change will not remotely eliminate the preferential tax treatment accorded to capital gains. We need a further change, at least for the billionaire class.

The Billionaires Income Tax proposal that Senator Ron Wyden from Oregon introduced last year would require billionaires to pay tax annually on the growth in their wealth — in the same way the rest of us pay tax on our salaries and wages. It’s high time to close the “buy-hold for decades-sell” loophole. Senator Wyden’s Billionaires Income Tax would be one way to do just that.