A wealth tax will encourage more spending by the rich and possibly more political donations
An incentive to spend
Jane makes the same annual income as Joe. But she is a saver and investor, prudently putting money away for the future or using her wealth to help create or expand businesses and job opportunities. Because she accumulates sufficient assets to be subject to the wealth tax, she effectively is penalized for saving and investing.The super-rich could stay under the tax threshold by increasing their charitable giving. And they could get a double tax benefit from their donations.
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