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We need to talk about this until the media deigns to mention it. The major innovation hubs have paper millionaires (and billionaires) whose "wealth" is primarily ownership of their own fast-growing companies. Do we want them forced to liquidate or take massive loans against that?https://twitter.com/Jason/status/1193218506491228160 …
A wealth tax is fundamentally different from income or capital gains taxes. It's perfectly coherent to advocate higher taxes — even *much* higher taxes — and still balk at a new experiment in taxation that actively **advertises** undermining the tax base over time
Why hasn't the media caught on to the fact that proposing to fund extremely expensive long-term projects with taxes that are actually intended to produce declining revenues year over year is fucking insane?
If we actually do this, it'll represent the greatest theft from our children and grandchildren in our nation's history. It's not eating the seed corn, it's setting the whole silo on fire to warm our own toes.
Even assuming you'll trap every millionaire + billionaire residing in the US with massive exit taxes, the next generation of founders will not come. If you're planning to feed yourself from whatever you catch in a box marked "Idiot Trap: Enter Here," you'll soon be very hungry
Most state budgets come mostly from a wealth tax. There is nothing experimental about it.
if you mean US states, & property taxes, that's not really true – property taxes not a majority of combined state & local revenue (https://www.taxpolicycenter.org/briefing-book/how-do-state-and-local-property-taxes-work …)
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