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Some like @Gabriel_Zucman and @Saez_Emmanuel argue for punitive taxation of the wealthy to "prevent oligarchic drift." Framing tax policies as attacks on the wealthy rather than raising revenue is problematic. 2/5
First, wealth taxes or high top rates do not address the main ways the wealthy exercise influence. Apparatus of think tanks, research institutions, advocacy groups (Federalist Society) are supported by tax-deductible contributions. 3/5
Second, even draconian tax hikes will not impact ability of wealthy to be influential politically. If you took away half wealth of billionaire, would still be able to invest $50M a cycle in political activity w/o dipping into capital. 4/5
Third, many areas of concern do not involve players impacted by proposals. Think NRA distorting gun control debates; community bankers resisting financial reform. 5/5
