These seem like small impacts on the national level. My comment on this dimension of wealth taxation is simply:
“Wealth taxes would also encourage more rapid spending on luxury consumption, political contributions, and philanthropy. It’s not clear if this is generally good or bad. Of course the tax would also reduce the amount of money that is ultimately available for the rich to use on these things, although the cap on political contributions means that it probably wouldn’t make much difference there.”
These seem like small impacts on the national level. My comment on this dimension of wealth taxation is simply:
“Wealth taxes would also encourage more rapid spending on luxury consumption, political contributions, and philanthropy. It’s not clear if this is generally good or bad. Of course the tax would also reduce the amount of money that is ultimately available for the rich to use on these things, although the cap on political contributions means that it probably wouldn’t make much difference there.”