A 6% wealth tax indeed taxes more than the expected rate of return on the base assets. That is indeed equivalent to a higher rate than 100% in terms of an income tax. This math is in favor of PG’s argument.
Certainly, but it's about as useful as comparing the range of a radio with that of a car.
We might also compare tax revenue. For the US 1% wealth tax (for the 0.1%) would generate 250ish billion while 1% income tax would also generate 250 b. Then say 50% worth of increased tax evasion. 2% wealth tax is equal to 1% income tax.
We might also compare tax revenue. For the US 1% wealth tax (for the 0.1%) would generate 250ish billion while 1% income tax would also generate 250 b. Then say 50% worth of increased tax evasion. 2% wealth tax is equal to 1% income tax.