Comment by luses

this argument ignores basic opportunity costs. taxing that wealth allows the state to redirect labor and materials production and distribution toward high-utility public goods: high-speed rail, dense urban cores, and affordable housing. instead of subsidizing insolvent suburbs, we could be modernizing the logistics network and actually growing the real economy.

worse, you completely miss the political dimension. hoarded wealth buys the lobbying power to prevent these necessary structural changes. you are engaging in the exact kind of apologetics that has led to american infrastructure collapsing while the capital class extracts rent. thinking that resource allocation is a 'no-op' is economically illiterate