| Democrats are in a hurry to figure out how to pay for their social spending package. That's because any Democratic senator can sink the entire bill with their opposition, and Sen. Kyrsten Sinema (D-Ariz.) said she opposes Democrats' original plan to raise taxes on corporations and high-income earners. One new idea that's come up: A tax not on millionaires but on billionaires. What is it? Exactly what it sounds like, a tax on the 700 or so richest people in the United States. Tax experts predict that this tax would get most of its revenue from just 10 people, report my colleagues; people like Tesla's Elon Musk and Amazon's Jeff Bezos. (Bezos owns The Washington Post.)  Tesla CEO and co-founder Elon Musk. (Joe Raedle/Getty Images) | How would it work? Democrats are still trying to figure this out. On the surface it sounds simple — tax the rich more — but billionaires actually don't have a large chunk of their income sitting in their bank accounts from their pay checks like the rest of us. They have much of their money in stocks and bonds. And until they sell those investments, that money is known as unrealized gains and isn't taxed. Democrats and economists in favor of this new billionaires tax argue that people this rich are essentially hiding their money from the tax man by keeping it in stocks they never cash in. "When nurses and firefighters pay taxes with every paycheck, billionaires, who have figured out how to not pay taxes because they don't take a wage, they're going to have to pay their fair share," said Sen. Ron Wyden (D-Ore.), who proposed the tax. What are the potential problems? Quite a few, say economists we talked to. - Taxing billionaires where most of their wealth is may be unconstitutional. The Constitution, specifically the 16th Amendment, says that the federal government can tax income. (By contrast, states can tax other forms of wealth, such as property and cars.) Are unrealized capital gains income? Or just wealth? That's actually a big difference, from a constitutional perspective. This tax could put billionaires in the remarkable position of actually being able to sue the government and argue that they are being unconstitutionally taxed.
- Capital gains go up and down. Say Musk's stock assets are worth $30 billion. But next year, the stock market crashes, or Tesla has some major problems, and they're worth $20 billion. Is the government going to give that money back?
- Stocks are like a shadow currency the rich can trade among each other. Some worry that this tax could push the ultrarich into another shadow currency, like real estate. "Wherever there is taxation, there is also avoidance, and nobody can avoid it better than billionaires because they have the money to find ways to do it," said economist Diane Swonk.
My colleagues go into more detail on how the tax would work. A Senate candidate you should know about in the battle for control of Congress  Trump speaks in September at a rally for Herschel Walker, a top Senate GOP candidate in Georgia. (Ben Gray/AP) | Republicans, from Trump to Senate Minority Leader Mitch McConnell (R-Ky.), are coalescing around an unconventional, untested candidate to help them seize back a Georgia seat and thus win back the Senate: Herschel Walker. The Senate is tied 50-50, but Democrats technically have the majority because Vice President Harris can cast a tiebreaking vote. That could change in next year's midterm elections, where Republicans could retake the majority. A key race is in Georgia, where Walker is trying to unseat Sen. Raphael Warnock (D), who won in a runoff this year. Who Walker is: He's a college football hero from the University of Georgia who won the Heisman Trophy in 1982 and played in the NFL. He has modeled himself after the former president — he's repeated Trump's false claims that the election was stolen. He recently had to cancel a fundraiser after its host featured a swastika-like image with a vaccine needle on social media. He has a controversial background. His ex-wife alleges he threatened her life by pointing a gun at her head. A former girlfriend accuses him of threatening her life, too. The Associated Press has raised questions about his business practices, specifically whether he exaggerated his financial success. And he's lived in Texas for the past decade. Why Republicans think he can win: Walker has been open with his struggles with mental illness, saying altercations with his wife happened before he grasped those struggles. "He has an opportunity to tell what is truly a redemption story," said a Senate Republican operative. Also, Walker animates the base. Georgia went for Biden last year, but barely. And Republicans think Walker is someone who can help them get their voters out to turn Georgia red again. | 
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