Another way of putting it: Laffer Curve. [1] You can only raise taxes so much more before people become unwilling to accept it, and your increased taxes end up

Another way of putting it: Laffer Curve. [1] You can only raise taxes so much more before people become unwilling to accept it, and your increased taxes end up resulting in reduced revenue. It's the exact same as a business raising prices. Up to a certain point it increases revenue, and then at some point it starts reducing it. From a general health perspective I do not think it's wise for governments to come anywhere near to the peak of this curve (as it may have detrimental effects on longer-term outcomes on things like economic activity and growth), but going beyond it is simply very poor governance. It seems very odd for anybody to be flirting with wealth taxes when you can just look to places like Norway and see how that turned out in a society where tax aversion is somewhat less than in places like the US. [1] - https://en.wikipedia.org/wiki/Laffer_curve https://en.wikipedia.org/wiki/Laffer_curve