Modeling a Wealth Tax: http://paulgraham.com/wtax.html
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You should mention that the wealth tax only “erodes” wealth above some threshold (30-50 million)
That depends on which wealth tax proposal you're talking about. Obviously if there's a threshold, these percentages are of the amount over the threshold.
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Also, it’d be naive to think the the threshold will not apply to a larger segment of the population as time goes. Look at what occurred with the income tax.
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The argument billionaires are more efficient in allocating capital is true for profitible businesses, but not for re-distributing wealth. If wealthy people are so awesome for everything, capitalism nowadays would not have to be so much different than that in 1800s.
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Which wealth tax proposal had you write this article,
@paulg? Both Sanders' and Warren's plans have thresholds. What other serious proposals exist? What wealth tax systems don't have thresholds? - Show replies
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No, the %s also change (for fixed age 20+60). If it took me till 40 to make $30m, by your own analysis it'd drop to 4% on 0.1% tax. This doesn't even account for the fact that there's no tax below threshold...
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Imagine a wealth tax that Just took 100% of wealth over $50M. (easy math) It would reduce incentives, but by how much? I don’t know. Maybe not by a lot.
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