Millionaires also need to be taxed for adequate funding, Noah Smith argues

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08.05.2026

Millionaires also need to be taxed for adequate funding, Noah Smith argues — Taxing millionaires vital for U.S. funding

Noah Smith, columnist / economist at Bloomberg Opinion, argues that the U.S. cannot sustain a welfare state or public spending by placing the tax burden solely on billionaires.

Smith asserts that to ensure sufficient funding, taxation policies must also target millionaires, not just the ultra-wealthy.

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Smith has commented on other structural issues across industries in past columns. He argued that American Airlines should be absorbed by rivals due to its impact on healthier U.S. carriers. In another piece, Smith observed that tech professionals tend to foster lasting relationships, differing from the approach of finance quants.

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