Sometimes, the most rational voices come from the most unexpected places:
The Politics Of Envy
2 thoughts on “The Politics Of Envy”
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Of course should be billionaires. Musk is currently worth a trillion. Good for him . He does a lot of god works.
Regarding aggressive tax and wealth confiscation:
It causes wealthy individuals and business owners to move to other states or countries with friendly tax policies.
Heavy asset seizures or extreme tax annual wealth taxes lower the reward for risk taking
which slows down business creation and long-term growth.
Many global attempts at taxing net worth have raised far less money than expected because assets are difficult to value and capital flees.
Wealth taxes promise redistribution but more often deliver high economic costs, administrative complexity, and disappointing revenue.
Fred, we are seeing this play out in real time in New York City. Capital is fleeing in response to Mamdani. As you say, these folks and companies are mobile.
The socialists have to tax the middle class severely to achieve all their grand designs. They can’t do it by taxing the rich.