There's an important difference between wealth and income that PG does not go into. Sure, I'll buy the idea that taxing income discourages work (though its imp

There's an important difference between wealth and income that PG does not go into. Sure, I'll buy the idea that taxing income discourages work (though its impact is far more muted than some people would like to suggest). However, I've not yet seen any argument that taxing wealth itself discourages work or wealth creation. If anything, taxing wealth keeps people from sitting on their assets and doing mere "wealth preservation". If I were a Ramen-profitable startup entrepreneur, I'd much rather be taxed at 2% of my net wealth than at 30% (or even 15%) of my capital gains. Indeed, if I were anyone who planned on leveraging my capital to actively create wealth (c.f. Elon Musk) I should much prefer wealth taxes over capital gains taxes. If we live in a meritocracy then anyone with a lot of wealth should be able to relatively easily average >6% ROI year-over-year.