Abstract : Foes of wealth inequality face a basic dilemma. Economic restraints make it impractical to tax income at the very high rates needed to address inequality, while constitutional restraints likely make it impossible to tax principal (wealth) directly. This problem can be solved by marrying the two approaches. The wealthiest taxpayers would be put to a choice: Pay very high income tax rates, or pay more typical income tax rates along with a wealth tax. Because the pr