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By the same logic, income tax comes from working, which is how productivity gets done!

Besides, what are the wealthy going to do with their excess wealth except invest it?

That might be true if they couldn't move wealth outside the country.

But a concern is that those with savings might move money out of the country to invest in jurisdictions with lower capital gains tax.

One view is that this tax jurisdiction forum-shopping creates a race to the bottom.

It's the same for workers, they can just perform their labour outside of the country and they would create a much larger problem.