Biden’s Tax-and-Spend Plans Are Big, But Wealth Gaps Are Bigger

President Joe Biden’s promise to start narrowing income and wealth gaps underpins every part of his economic program, from almost $4 trillion in spending plans to the biggest tax increase in a generation.

But even these measures may struggle to make headway against the highest levels of inequality in the developed world. The U.S. wealth divide widened further during the pandemic, as the top 1% of households added $4 trillion in net worth.

Biden has outlined plans to create well-paid jobs with infrastructure investments, expand child care and bolster the social safety net. Higher taxes on corporations and ...