https://mises.org/wire/5-ways-wealth-tax-least-bad-income-tax
There has been an increasing push for wealth taxes as of late. Supporters for new and larger wealth taxes contend that as the population ages, there won’t be enough wage earners to fund the public purse. In other words, there will be less wage-based income to tax as time goes on. But there will still be plenty of pensioners to pay for. As The Guardian noted back in March, new revenue sources will be needed “as the number of people over 65 grows by almost a third, while the working age population is expected to only increase by about 2%.”
Thus, The Guardian concludes: “the time has come to make the case for greater wealth taxes, given our emerging economic realities, demographic shifts and growing levels of inequality.”
But taking a further look into the issue, and applying some common sense logic, it becomes clear a wealth tax brings with it a host of problems. Many of these problems are reminiscent of the problems we already encounter with a wealth tax. But some are new:
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