There is a big push to implement wealth taxes, partly as a way of raising revenue, but mostly as a punitive measure to reduce inequality. In fact, our politicians have been refreshingly candid: The goal is to punish the rich, even if it harms the overall economy. This is pure naked economic puritanism, of the moralistic sort. But how can that be? Remember, we already tax income. If you want to tax income more, or less, then at least that is something that is an established activity of government, at the state and local levels.
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