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David John Urban's avatar

Interesting point. I’d still prefer a wealth tax of some kind. Crashing the economy and the stock market will hurt everyone and allow the wealthy to buy up everything at a discount. Musk’s wealth comes from unrealized capital gains of Tesla stock value. His money to buy a president comes from loans using Tesla stock as collateral. No taxes. While tricky to value unrealized capital gains, if banks can do it for his loans then IRS can do it for taxes. This would be like a normal person paying no taxes by investing all your salary and taking out loans on those investment and thus making no income. But for most W2 slaves taxes are taken out of every pay check.

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Norman Oder's avatar

Wasn’t the point of a wealth tax to use the $ for redistributionary spending?

Yes, I know you argued it would likely be invaded and suggested alternatives: https://cepr.net/publications/more-thoughts-on-a-wealth-tax-and-alternatives/

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