Read the Bill Gates post in full. It is utterly simple. You have a consumption tax AND an estate tax. You don’t want to overly tax the creation of new wealth.

Read the Bill Gates post in full. It is utterly simple. You have a consumption tax AND an estate tax. You don’t want to overly tax the creation of new wealth. I think history has shown that to be counterproductive. It slows innovation down drastically since it disincentivizes innovation and investment and therefore the pie as a whole doesn’t grow as fast. See the growth in the US and China vs Europe.