The debate over whether the United States should adopt a wealth tax has gained prominence in recent years as a potential solution to address rising wealth inequality and generate additional government revenue. As reported by the Peter G. Peterson Foundation, a wealth tax would impose a levy on the total value of an individual’s assets, including cash, investments, real estate, and other holdings, typically above a certain high threshold. This approach differs from the current U.S. tax system, which primarily relies on income, payroll, and consumption taxes at the federal level, with property taxes serving as the main form of wealth taxation at the state and local levels.