Blue states’ new wealth tax proposals aren’t really taxes at all; they’re rent-seeking behavior. These proposals are nothing more than an attempt to increase the states’ share of wealth without creating new wealth. Ironically, they are destined to do just the opposite and become “rent-losing” behavior.
There is a growing trend for wealth taxes. They are being proposed in a variety of places, with a variety of rates, and in a variety of forms.
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