Well, everything, fnarr, fnarr.
The Green New Deal requires wealth taxation
Wealth taxation is generally contraindicated in economics. Because it makes the future poorer than it need be.
Thus we think that wealth taxation is a bad thing.
Ritchie thinks that the Green New Deal is a good thing – on balance. Sure, he recognises there are costs to it as well as benefits.
At which point he fails to understand – the more contraindicated things you add to the Green New Deal then the more the costs rise as against the benefits. So, insisting that we must have wealth taxation as a part of the GND means that we get, at minimum, closer to the point that we shouldn’t have the GND.
Then there’s just stupidity:
Tax avoidance is another form of rentiersim. Remember that this activity is not things like using an ISA or paying into a pension. Tax avoidance is about exploiting loopholes in the law to not pay tax in ways that legislators never intended. The use of tax havens – that have been deliberately created in most cases to facilitate this process – is an obvious (but not the only) indication of this activity.
Legislators create tax havens. Therefore the use of them must have been intended by legislators.
Oh, and the reason why we need wealth taxes? Because rich people might get away without having to do what they’re told by the Senior Lecturer. Therefore we must have no rich people.