Taxing wealth. OK, well, but. The aim here, hopefully at least, would be to tax those who just happen to be wealthy. But not to tax those entrepreneurs who are making the rest of us better off as they build their fortunes.
To tax, ahaha, good fortune but not to tax wealth creation.
Much inherited wealth – the big chunks of it, the great fat gobs, is in trust funds. It’s this generation’s newly created and still growing wealth that is in the easily taxable stuff like equities directly held.
A wealth tax won’t apply to trust funds. But it will to those directly held equities.
So, an actual and real wealth tax will end up taxing those we don’t want to and not those we might want to.
We’ll not tax the Duke of Westminster and we will tax Mike Lynch. Just not the right way around, is it?