It is odd that we've settled on a system that taxes upwards of 30% percent on things that increase wealth and provide social stability (hiring, working) rather than tax at 1% or 2% things that don't increase wealth and cause social unrest (large private fortunes)
Large private fortunes provide capital needed to start businesses or local governments bonding to do infrastructure. No capital, no business. Check the FDR taxes on certain types of wealth for serious historic failure and unintended consequences.
FDR taxes were largely about raising income taxes to punitive levels. The opposite of what I was suggesting.
The increase in capital generation brought on from 0% income tax would more than compensate for any destruction of existing capital.
Thanks. That's an interesting link, but it describes an income tax. It is just the kind of tax I'm arguing against. Its aim seems to have been to prevent individuals from delaying payment of income tax that was held within companies.
