I disagree with wealth taxation -- wealth can be tied up in illiquid assets (longtime family home, grandma's jewels, etc.) and even more importantly, a tax on w

I disagree with wealth taxation -- wealth can be tied up in illiquid assets (longtime family home, grandma's jewels, etc.) and even more importantly, a tax on wealth kind of makes it like you don't really own property, you are just leasing property rights from the government. Not a hallmark of a free society in my opinion (land taxes are questionable for the same reason), whereas a tax on economic activity made possible by a government that enforces a market structure / the rule of law seems far more amenable. However, I will add that I could maybe get behind minor wealth adjustments for income taxation, if the incentives could be figured out. For example, a lower bracket person / new college grad with no wealth who had a really good year financially by consulting or something might pay a slightly lower amount than a longtime VP who has accumulated significant wealth, but had the same income for the year. This encourages people to spend, not save, though, and it still is indirectly taxing property rights. Perhaps a better way would be to adjust based on the moving average of previous incomes.