The left- and right-wing populists calling for targeted taxes on the ultra-wealthy argue that the economic game is rigged against typical workers, allowing the rich to take from the middle class and the poor. But this claim is untrue—and the opposite of what aspiring young people need to hear.

WASHINGTON, DC—“There’s a certain level of wealth and accumulation that is unearned. You can’t earn a billion dollars. You just can’t earn that.” So claimed Representative Alexandria Ocasio-Cortez, the progressive superstar from New York who is attracting presidential buzz. Her fellow New York progressive, Mayor Zohran Mamdani, would agree. He seems to think that billionaires with second homes in New York City aren’t pulling their weight. Meanwhile, a proposed wealth tax in California seems to be motivated by a similar mindset.