For starters, the policy of favorably taxing rent-seeking capital gains rather than actual valuable labor or resource generation. Joe's spending was valuable to the economy. Your rent seeking behavior was not.
Capital gains represent increase in wealth in the economy, whether taxed preferentially or not.
The example remains the same even with 0 capital gains: After 40 years, at 0 gain, I've saved 20 times my annual income to support my family through retirement. Joe has saved 0.
How much of of my wealth do I need to give him?
Equal opportunity + freedom of choice = unequal outcomes
Capital gains represent increase in wealth in the economy, whether taxed preferentially or not.
The example remains the same even with 0 capital gains: After 40 years, at 0 gain, I've saved 20 times my annual income to support my family through retirement. Joe has saved 0.
How much of of my wealth do I need to give him?
Equal opportunity + freedom of choice = unequal outcomes