Income is fundamentally different from wealth. Taxing wealth is fundamentally different from taxing income. Wealth generates income, but taxing high income do

Income is fundamentally different from wealth. Taxing wealth is fundamentally different from taxing income. Wealth generates income, but taxing high income does not chip away at wealth, even at very high marginal rates. A tax on unrealized capital gains does chip away at wealth. The problem is not "those evil evil rich people are not taxed enough". The problem is "extreme wealth is self-perpetuating, regardless of income tax rates". Raising marginal income tax rates for the rich, raising capital gains tax rates, etc., does not solve the problem, even though it looks similar if you squint a bit, or listen to commentators who conflate wealth and income.