I think a main argument related to that perspective is that you shouldn’t tax wealth but you should tax consumption (holding billions in stocks and bonds has positive externalities, buying a yacht fleet has negative externalities)
I obviously don’t agree with it, so I’m likely not presenting the strongest version of the arguments, but you can see an example of people holding this view in the twitter screenshot above, and I think it’s not uncommon
I think a main argument related to that perspective is that you shouldn’t tax wealth but you should tax consumption (holding billions in stocks and bonds has positive externalities, buying a yacht fleet has negative externalities)
I obviously don’t agree with it, so I’m likely not presenting the strongest version of the arguments, but you can see an example of people holding this view in the twitter screenshot above, and I think it’s not uncommon