Calls to tax billionaires are growing. Is there a better way to tax the rich?

Don Arnold/Getty Images Should billionaires pay more tax? Californians will vote for whether to introduce a billionaire tax in November. In the United Kingdom, economists recently called for a net wealth tax on assets over £10 million (about A$19 million). Australia may seem absent from the debate, but it shouldn’t be. The same question confronting other countries applies here too: should people with extraordinary wealth contribute more tax, and if so, what’s the best way to achieve it? How do…