The thing is: You cannot eat, or live inside, or get medical treatment from, stocks.
Wealth taxation cannot redistribute the kind of wealth we care about most. At least not by itself.
You need someone to buy the stocks in exchange for labor. So you need to keep the stocks themselves valuable.
As an extreme example, if you'd just take away all the SpaceX and Tesla stock from all shareholders and redistribute them, they would probably be near worthless because you just demonstrated that their value is more or less random.
I think that wealth taxation will only work if you give ironclad guarantees that people that are merely rich or middle-class will never be subject to it. If you can show that a stock is more valuable to, say, a medical doctor, then to the CEO of a hyperscaler, you might have a working system.
Wealth taxation cannot redistribute the kind of wealth we care about most. At least not by itself.
You need someone to buy the stocks in exchange for labor. So you need to keep the stocks themselves valuable.
As an extreme example, if you'd just take away all the SpaceX and Tesla stock from all shareholders and redistribute them, they would probably be near worthless because you just demonstrated that their value is more or less random.
I think that wealth taxation will only work if you give ironclad guarantees that people that are merely rich or middle-class will never be subject to it. If you can show that a stock is more valuable to, say, a medical doctor, then to the CEO of a hyperscaler, you might have a working system.