Ooh, I need to read (both!)

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And that means billionaires should pay a higher percentage of their income in taxes than I do, and that I should pay a higher percentage in taxes than someone making minimum wage, and that they should pay a higher percentage than someone who is effectively destitute.

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I believe that we have an obligation to help people worse off than we are. I believe in the declining marginal utility of the dollar. And I believe we should all contribute to government according to our means.

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And here's the thing: if a billionaire thinks the tax is taking too big a chunk of their wealth, well, as long as the tax isn't confiscatory, they can work harder. They can create or acquire more productive business assets which, in turn, will lead to more taxes but also more income for them.

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I say this without a hint of snark: it's precisely because most of billionaire wealth is in productive business capital that it makes sense to tax their wealth. (Note, ftr, that I like a lot of what Cato does: I couldn't be more with them on immigration, for example.) Why?

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