Warren Buffet is not the only one proposing taxes on wealth (that is, net worth). Piketty’s data shows that without wealth taxes (together with steeply progressive income taxes) capitalist economies are intrinsically unstable. So, wealth taxes (on the extremely wealthy, not on the bottom 99%) are a requirement for stability, not a luxury…
Warren Buffet is not the only one proposing taxes on wealth (that is, net worth). Piketty’s data shows that without wealth taxes (together with steeply progressive income taxes) capitalist economies are intrinsically unstable. So, wealth taxes (on the extremely wealthy, not on the bottom 99%) are a requirement for stability, not a luxury. And yes, wealth taxes would require the holders of wealth to cash in sone of their wealth annually to pay their wealth taxes. That is not a bug. It is part the purpose of wealth taxes.
Warren Buffet is not the only one proposing taxes on wealth (that is, net worth). Piketty’s data shows that without wealth taxes (together with steeply progressive income taxes) capitalist economies are intrinsically unstable. So, wealth taxes (on the extremely wealthy, not on the bottom 99%) are a requirement for stability, not a luxury. And yes, wealth taxes would require the holders of wealth to cash in sone of their wealth annually to pay their wealth taxes. That is not a bug. It is part the purpose of wealth taxes.