You're confused.
We're talking about multi-millionaires, often in the tens of millions, and more.
No-one is saying that regular Joe's with $800 in their savings account should be penalized for just letting them sit.
We're talking about multi-millionaires, often in the tens of millions, and more.
No-one is saying that regular Joe's with $800 in their savings account should be penalized for just letting them sit.
Does no one in this thread understand that there already exists wealth taxes in countries without explicit wealth taxes?
While many countries have explicit wealth taxes (Government agency that will demand you pay x on y), many (almost all) countries have wealth taxes that tax "regular Joe's with $800 in their savings account". The central bank in the USA literally has a charter to print enough money so that asset prices rise at a nominal 2%PA. If a central planner confiscates $16 in purchasing power from regular Joe does it matter if its done through direct taxation (taking the $16 dollars) or indirectly (printing enough money so that his future value of $800 will be only $784)?
Since you need it spelled out again: unlike inflation, actual wealth tax will not take $16 from your Joe because in case of actual wealth tax, $800 is three or four orders of magnitude below minimum taxable amount of savings.
Currently many countries have, or are proposing additional wealth taxes that are graduated in amount (What the original article is discussing).
>blame wealth tax for the faults of inflation
Who made this argument? Not me. You've misrepresented me pointing out that engineering inflation is a tax on all wealth (including average Joe's $800)
Best of luck to you in thinking that people writing words in a book in marble buildings can magic more food into existence.