Jeff Bezos lost $50bn and change this year on the fall in Amazon shares. That means, at that 20% rate, a $10bn tax refund. The point here is not to just point out the silliness of this specific proposed law. It’s to point out that politics — as opposed to good economic thinking — leads to proposals of the most ineffable stupidity.
Here the proposal is that we should send a $10bn tax refund cheque to the world’s second richest man. All in the name of taxing the rich more. Oh, and another $10bn cheque to the world’s richest man, Elon Musk. In order to tax the rich more.