[munch117]

The fatal flaw in PG's argument is that is doesn't mention spending at all.

If you're spending your entire income on things like food and rent, then a 1% wealth tax corresponds to 0% income tax.

If you're spending your entire income on investment, then there's a calculation like PG's to be made to compute an equivalent income tax rate. But then we're talking about someone who doesn't need the money. This isn't even about rich vs. poor - you can have a high income and spend it all as you make it, like if you throw a huge party every week, or make a yearly trip into space. But if not, then it's just an ever growing number on your bank statement, and the only reason you care about it being 20% higher is because you're comparing it to other people's bank statements.