It's not a good argument at all. "Earning" is a socially productive activity, far more so than directing resources towards the making of a huge luxury yacht fo

It's not a good argument at all. "Earning" is a socially productive activity, far more so than directing resources towards the making of a huge luxury yacht for private consumption (or similar kinds of luxury spending). There really isn't any good argument for taxing earnings or saved/invested assets per se, as opposed to consumption.