Wealth tax is better. Just raising the regular old capital gains tax is better. This tax (an accrual tax) will cause markets to crash, which will hurt Democrats electorally as well as hurting the economy.
https://twitter.com/thehill/status/1452351159604334599
And if you don't have the political capital to raise the capital gains tax rate, why do you think you have the political capital to implement a completely new kind of tax? This is highly unlikely to fly, not sure why they're trying it.
Finally, if you're worried about rich people borrowing against their unrealized gains in order to consume, just tax *that*.
Anyway, if you don't have the political capital to enact reasonable taxes that we know will work, then why go around calling for risky novel taxes? The strategy makes no sense, and I'd expect better of both Yellen and the Biden administration.
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