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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
And it's almost a good idea. Do land taxes instead and top it off with some yimbyism and we'd see things get way better.
I randomly kept thinking about this while trying to fall asleep yesterday. ”Why would you want to fund something with a tax that’s intended to get smaller overtime.”
Because media is in love with the idea of eating the rich
IMO the strategy here is just a product of politics-as-usual cynicism. Peddle vindictive policy —> turn out successfully roused primary voters —> win party nomination —> retreat to saner position, how much saner dependent on polling numbers. Media mostly complicit in this game.
I lean towards this explanation. I have a hard time believing Warren doesn't understand this given her background. Sanders, on the other hand, I assume is about as ignorant as his base.
That the tax base would decline is an assumption. It takes 3 or 6% per year from the ultra-rich, but they have (massive) inflows as well. Do you doubt that top 1% wealth has grown by more than 6% per year in past years?
Because if the media possessed the basic economic knowledge needed to catch onto that, we wouldn't get proposals as asinine as a wealth tax to begin with.
They haven’t caught on to it because they don’t care. They’re explicitly incentivized to not “catch on,” because their business model doesn’t look kindly on people who “catch on.”
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