Excellent point about “what about next year.” Even if you could confiscate all that wealth, it doesn’t magically grow back next year.
And a lot of the “wealth” is in “stuff” such as real estate, art, etc. So to get the dollars out of that, you have to sell it off. But who has the dollars for all that aside from the wealthy? Confiscate John Travolta’s jets, but who can afford to buy them to give you the $ in order to make wealth transfer payments?
Excellent point about “what about next year.” Even if you could confiscate all that wealth, it doesn’t magically grow back next year.
And a lot of the “wealth” is in “stuff” such as real estate, art, etc. So to get the dollars out of that, you have to sell it off. But who has the dollars for all that aside from the wealthy? Confiscate John Travolta’s jets, but who can afford to buy them to give you the $ in order to make wealth transfer payments?