Piketty’s wealth tax is an idea that just can’t work

News Snapshot:

Indians who are not sure whether to be proud of fellow citizens crowding the world’s billionaire charts tend to see their ranks swell each time talk of inequality accompanies such rich lists. Like this year. The latest Hurun list of global billionaires has 94 new faces from India, with 10 drop-offs, taking the country’s total to 271. In comparison, China added only 55 people whose estimated wealth went above $1 billion over the past year, though it has as many as 814 people on the list, 14 more than the US, which saw 132 additions. This comes on the heels...