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"If you're not taking the tax until a sale, it's just a worse capital gains tax that disincentivizes risk." <-- That's an interesting point. Can you explain how best to think about that comparison?
Capital gains is a tax on the *profit* from a sale, while a wealth tax hits the current value of stock. Even with crazy high capital gains —say 90% — if your stock gains *any* value, you won't lose money. With a 3% wealth tax, anything under a 3% return is effectively a loss.
What's the difference in the incentives they create for risk-taking? Eyeballing it it looks like the wealth tax is actually more favorable to risk taking? (Holding constant the total tax take.)
I've thought it weird at times that only taxing investing gains means you're punishing the succesful people and subsidizing the failers. If anything you should try to force the people that are bad at investing to be pushed out of the market sooner
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