Even amid a freewheeling presidential primary, Democrats are of one mind when it comes to taxation: Rich Americans are not paying their fair share. Congressional Democrats have joined the debate, proposing a 10% surcharge on incomes above $2 million. Once imposed, the Democratic tax wish list could quickly grow into a massive drain on American families—much as the income tax grew in its first 50 years. What began in 1913 as a mere 7% levy on earnings above $500,000 (almost $13 million in 2019 dollars) rose by 1963 to a 72% tax on incomes above $44,000.

The…

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