The one thing that worries me about very high taxes on rich people is the idea that they might slow innovation. Here's a theory paper making this claim: https://www8.gsb.columbia.edu/faculty-research/sites/faculty-research/files/finance/Macro%20Workshop/toptax.pdf?fbclid=IwAR1YeWt_pT8zm6B54zV-SBREh6cub5fNEBDr-rndOVqvOvcid_0yaNTLnxc … Meh. Theory, whatever. But here's an empirical paper making this claim: https://www.nber.org/papers/w24982
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I love this idea but hard to see in practice. What is an example of the rent seeking you would like to tax more highly? is it the less virtuous startups? is it the investors? I agree there are differences in value but seems impossible to categorize.
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Of course it's hard in practice. Noah's argument in recent days has been that while some economic research might support a 70% top marginal tax rate, it may not result in substantially higher revenue collections bc wealthy people can so easily shift their wealth around.
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YES, this is ideally what we need. (Not to go all Georgist btw but the easiest rent to tax is...rent!)
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None of the discussions about raising the marginal rate talk about capital gains taxes so I'm not sure I see a threat to innovation
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In which category do you place Facebook?
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an interesting question. What do you do when you let a private entity create & control what eventually becomes perceived as basic communications infrastructure, and then try to retroactively bring it under more democratic accountability/control?
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