John Cochrane makes some very good points on measurement errors by Saez and Zucman and how much of what they're measuring is actually reduced interest rates. I

John Cochrane makes some very good points on measurement errors by Saez and Zucman and how much of what they're measuring is actually reduced interest rates. I wish that progressives used a similar framework that they did 100 years ago--to tax unearned income (land rents, monopolies, windfalls) while encouraging earned income. If you care about unearned vs earned income, then it does make sense to try to tax the asset holders whose assets ballooned in value due to reduced interest rates over the past decade.