this post was submitted on 27 Apr 2024
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Well, you can legislate market forces, to an extent. The issue is the degree to which people are demanding tax revenue goes so far as to violate basic math. People want a wealth tax that for the s&p 500 would hypothetically amount to 36 trillion dollars, but the M2 money supply is only 20 trillion total.
That's actually a really good point I hadn't even thought of. Is there even enough actual currency in circulation to pay the tax people are talking about, or is it all locked up in hypothetical future income priced in to the current FMV? Great post.