Comment Re:A wealth tax radically changes taxation (Score 1) 93
What California is doing, instituting a wealth tax, is a radical departure.
Wrong. Any progressive tax system is a "wealth tax" and the only thing it's a radical departure from is the steaming pile of shit that Rotten Ronnie left for us in the 80's. Go back a little further and you'll see tax brackets as high as 94% during the 1940s.
A wealth cap is simply a progressive tax system where eventually you reach a 100% tax bracket. Frankly I don't see any reason this is inherently a bad thing, especially when you're talking about the top 0.01% hoarders of wealth. Not that it matters much, since none of the people it would possibly apply to actually take a normal salary income. Part of any effective changes like this has to include capturing the real way that these people acquire and store their money, which will never happen.