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by cityhall
3324 days ago
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Normalizing the concept of a wealth tax is productive even if it's unimplementable. The right has used the same approach by having think tanks promote flat consumption taxes and zero corporate tax rates. If nothing else the absence of a theoretically desirable wealth tax serves as a justification for progressive income taxes and higher capital gains taxes. |
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A wealth tax isn't unimplementable because of political will but because a lot of assets are illiquid, hard to price, easy to hide, easy to move to another country (hence the call for a global tax, but what if a few countries defect?) or a combination.
As to approaches: "the left" if there is such a thing successfully campaigned for a full confiscation of property, a 100รท wealth tax if you like, in huge chunks of the world - I don't see a weakness in persuasive ability there. Wasn't a great idea though. A smaller wealth tax is a better idea, but still not great. Baker who one can agree or disagree with has better policy ideas, or at least better thought-out and consistent ones IMO.