The only purpose of a wealth tax is so that the wealthy have less money. That's it. It serves no other purpose.
Because as we know from Modern Money Theory, taxes are about releasing real resources. Government has no need of taxes financially. You need taxes in a society in the same way you need garbage collection in a program. So you can release real stuff to maintain the virtual abstraction.
Billionaires tend not to have a hoard of nurses in their garages. It's usually Bugattis.
If there is any unemployment then we are overtaxed for the size of government we have.
Look after the unemployment via a Job Guarantee, auto stabilising the price of labour in the economy, and market competition will then sort out the billionaires automatically.
In the economy a bottom up design beats a top down.
All we "know" from Modern Monetary Theory is that Modern Monetary Theory says certain things. Whether it corresponds to reality is not something that we know. Saying "MMT says" as if that proves something is useless.
"Whether it corresponds to reality is not something that we know."
Given the operational stuctures have been followed through, it does correspond to the real world. The work done shows that very clearly - and the corona virus pandemic plus 30 years of Japan is corroborating evidence.
Remember a theory is a hypothesis with supporting evidence. Hence the theory of evolution.
Of course you'll be able to counter that scientific research if you know better.
Because as we know from Modern Money Theory, taxes are about releasing real resources. Government has no need of taxes financially. You need taxes in a society in the same way you need garbage collection in a program. So you can release real stuff to maintain the virtual abstraction.
Billionaires tend not to have a hoard of nurses in their garages. It's usually Bugattis.
If there is any unemployment then we are overtaxed for the size of government we have.
Look after the unemployment via a Job Guarantee, auto stabilising the price of labour in the economy, and market competition will then sort out the billionaires automatically.
In the economy a bottom up design beats a top down.