I feel like the biggest sin in American taxation is the idea of a wealth tax, but it does make me wonder, maybe index your property taxes on your wealth? I like the idea of old people not having to move out of their houses if they're poor, but like, isn't what we really want to do is tax wealth? Get more money moving around the system?
It feels like even on the right there's this growing knowledge that wealth is too concentrated, I thought this interview was interesting with Rory Sutherland where he basically says like "I'm right wing on income but not on wealth"
And to me when I look at the economy, it really feels like we're moving away even from right wing values on meritocracy. Like forget my left wing goals, can we just go back to the world where if you worked hard you did better, fuck equality of opportunity vs equality of outcome, we just need opportunity.
'The “Magnificent Seven” companies now make up nearly a record 37% of the S&P 500’s total market capitalization.'
'Approximately 73% of all wealth in the U.S. is currently owned by Americans over the age of 55'
