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
Yeah I don’t quite understand that line of argument. Naively, it seems like a bait-and-switch, not unlike “journalists don’t write their own terrible headlines.”
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