Guess which retired accountant needs to read up a little bit more on the economics of taxation?
Capital is an accumulation of property rights based on these and is not in itself wealth generating
That is why it should be taxed more heavily
The general consensus among economists is that returns to capital should be taxed more lightly than other sources of income precisely because the employment of capital is wealth generating.
And no, this isn\’t some neo-liberal baby eater consensus. It\’s how the achingly socially democratic Nordics operate for example. It\’s even the received wisdom at the OECD.