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"A major problem I see with a wealth tax is that it is penalizing savers and rewarding spenders.
And whatever you tax you get less of.
And we want more savers."

I am not entirely sure that whatever you tax you get less of but in any event, why is it that we want more savers?

GDP is based on spending. Savers shouldn't be encouraged - they hurt GDP

Only slightly tongue-in-cheek...
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