We always hear about lowering capital gains tax because it stops people from investing in new ideas. I'm sympathetic to this to a degree - and that's why a weal

We always hear about lowering capital gains tax because it stops people from investing in new ideas. I'm sympathetic to this to a degree - and that's why a wealth tax (if implementable) is superior. Instead of being taxed at what you end up with you are taxed with what you start with. This would (as long as you can't get around it) encourage people to actually invest in new ideas instead of sitting on their money. The idea that PG "modeled" a wealth tax without factoring in that investments grow (not just due to increasing their success - but many investments grow slowly and surely due to boring factors like inflation and population growth) is intentionally obfuscating the truth.