Wealth is accumulated income which is subject to income tax
so wealth a different dimension, so even if you expect an additional tax that grows at the same rate? The units are incoherent.
No, income - consumption is net increase in wealth. Those are all flows. Wealth is a stock. Wealth taxes are periodic taxes on the value of the stock, income taxes are taxes on the flow.
wealth == accumulated assets, but wealth != income
High-income people are frequently wealthy (outside of incomes derived through lottery winnings), but the two are not equal in their political views - those sitting on their wealth will be in favor of income taxes (since they barely have any), those who work for income will lean in favor of asset and consumption taxation (property, estate and sales taxes).
I think in this sense "wealth" is just "number of units of currency in your bank account". Perhaps you mean you question what "value" actually is? I would definitely agree with that.
Wealth is the integral of income minus expenses plus net unrealized gains over time. The latter two terms are pretty significant in the overall calculus, if you’ll pardon the (partial?) pun.
Income is not the same as wealth. They are correlated, but you're blurring lines. The wealthiest individuals accrue a negligible amount of their wealth from income. And the power law relationship between wealth and stock ownership doesn't end when you cross the 90th percentile either.
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