Crashing the stock market is a short-sighted metric, but it would have significant impact over the levels of investment.
Once investment goes down, all goes down hill: productivty, wages, tax revenues etc.
Wealth taxes are also very distortive, the incentives to avoid them are large and the capacity to do it is plentiful: you could get your wealth in a crypto synthetic in another country and that would be it.
In the end, this is likely whats going to happen anyway to prevent hit pieces, getting targeted by media, etc.
What is salient is that people talk about taxes as if it were a christian sacrifice that it must be made: is it a virgin, a goat or a first born. Government in the US today is spending a lot more than it has in decades, even before Covid!
Any debate about adding tax pressures is simply more statism.
Once investment goes down, all goes down hill: productivty, wages, tax revenues etc.
Wealth taxes are also very distortive, the incentives to avoid them are large and the capacity to do it is plentiful: you could get your wealth in a crypto synthetic in another country and that would be it.
In the end, this is likely whats going to happen anyway to prevent hit pieces, getting targeted by media, etc.
What is salient is that people talk about taxes as if it were a christian sacrifice that it must be made: is it a virgin, a goat or a first born. Government in the US today is spending a lot more than it has in decades, even before Covid!
Any debate about adding tax pressures is simply more statism.