alt Hacker NewsI think that argument should stop with advocacy for law. I have no problem with this when it's means playing optimally within the current laws, things like hiring world class tax attorneys. But if using your immense wealth to ensure the rules that everyone plays by favor you specifically, instead of the country/world, It feels like this is closer to bribing a judge than hiring a tax attorney.
I would normally agree with that, but in this particular case "everyone" is just over 200 individuals. And he could be opposing it on principle as well.
A one-off retroactive wealth tax is a rather questionable form of taxation even if (like myself) you are in favour of looking for ways to tax the super rich more effectively.
When I read about these one-off wealth taxes I find one thing really astonishing. The argument against wealth taxes in general is that people would change their behaviour, which would reduce the tax take over time. That's certainly true.
But then left wing economists believe that imposing it retroactively and calling it a "one-off" does not change people's behaviour. Technically, it cannot change their behaviour with respect to this specific taxation event.
But I find it utterly naive to believe that this sort of hit and run taxation will not change people's behaviour in other ways that would reduce tax revenues.
No one in their right mind would ever believe that a tax that brings in $100bn over 5 years will not have to be replaced by some other tax paid by the same group or by the somewhat less well off who decided to stay.