The Upton Sinclair quote has seldom been more apt. Assuming it could be effectively and efficiently administered, replacing all income taxes with a wealth tax

The Upton Sinclair quote has seldom been more apt. Assuming it could be effectively and efficiently administered, replacing all income taxes with a wealth tax (and VAT) would massively simplify the tax code while making it significantly more fair and heavily rewarding those actively generating the greatest returns. Under such a scenario, the only people significantly negatively impacted would be those who hoard wealth or invest it poorly, and as a consequence are unable to overcome the periodic tax. As to its fairness: when the wealthiest pool their resources in order to protect their assets’ value, as is the case in e.g. a hedge fund, we see them happily sign up to a 2% yearly levy. A more elaborate metaphor makes situation more vivid still: imagine the scenario in which America’s wealthiest were to all move to a “Galt’s Island”, except in doing so they left the American security blanket and became entirely responsible for the defense of their assets. In such a scenario, the idea that the merely wealthy would pay the same as the hyperwealthy immediately stops making sense, as it’s the hyperwealthy who are both benefitting most from the security afforded, and the ones who are most responsible for Galt’s Island being so tempting a target. America is Galt’s Island, except we have seen a systematic shifting of the burdens of its upkeep from those who can most easily afford it to those who can afford it least.