> The reason wealth taxes have such dramatic effects is that they're applied over and over to the same money. This seems in bad faith. A wealth tax is just an

> The reason wealth taxes have such dramatic effects is that they're applied over and over to the same money. This seems in bad faith. A wealth tax is just an idea that wealth should be taxed. Paul is implying some concrete implementation of it that would have such behavior. But there could be many such schemes. For example, you could deduct what you previously paid, and then it wouldn't double tax the same. Like if this year your wealth was 1 million and got taxed 1% at 10000$. Next year if your wealth was 2 million taxed at 1% thus 20000$ but with a 10k deduction from all prior paid wealth tax, thus you'd again just be taxed 10000$ on the difference. Another scheme could be to deduct prior worth. So in this example it be the same outcome, but it's applied differently, in second year your wealth is 2 million, but last year it was 1 million, thus 2m - 1m = 1m and you are this year taxed 1% on that remaining 1 million. And that's just what I came up with on the spot. I'm sure there's many other possible schemes.