> What I'd like to know is why people are obsessed about stocks and flows in completely different ways...focusing on taxing wealth but not really caring about taxing income.
Because wealth grows faster than income.
r > g
It's easy, especially for rich people with lots of wealth, to have low taxable income.
Because wealth grows faster than income.
r > g
It's easy, especially for rich people with lots of wealth, to have low taxable income.
https://en.wikipedia.org/wiki/Capital_in_the_Twenty-First_Ce...
> not caring about the deficit but worrying about the debt
Are there people like that? The debt is the sum of all deficits.