If those with assets keep accruing more assets the median person will suffer.
replyHow will they suffer? The people with assets, to realize a benefit from them, have to spend money. If they don't spend the money, then what's the problem?
When more assets are sold than are bought, that leads to the destruction of assets on a broad scale. It's the economic equivalent of eating one's seed corn. This would not be good for the median person. You can and should tax land (meaning the land value component of real estate in general) and natural resources more generally, but that's an entirely different game: it has next to nothing to do with wealth taxes as generally understood.
reply> When more assets are sold than are bought
replyHow does this make sense? If Johnny sells 5 cars, that means 5 cars were bought. How can Johnny sell more cars than are being bought? Do you mean that Johnny has more cars to sell than are being bought?
It's like a hot potato where people want to sell assets over buying them. Obviously at any given moment there are as many buyers as sellers, but this is exactly why trying to force people to sell at rock bottom prices brings widespread asset destruction.
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