Comment by sroussey
7 days ago
Wealth tax is a nice idea but non-starter in implementation.
It works in real estate (property taxes are wealth taxes) because the land can’t move.
One way to tax the super rich is to tax loans against assets. They don’t sell assets to buy a yacht, but borrow against them to avoid paying taxes and keep future gains. Tax those loans as if they sold assets.
We're clearly throwing all pre-Trump orthodoxy out the window at this point, so maybe we'll see PRC-style capital controls, though with essentially no white collar crime being prosecuted for the foreseeable future, enforcement might be tough. OTOH the threat of being "deported" to El Salvador can be a powerful motivator to stay in line.