@cshentrup @sjwrenlewis at very high wealth levels, you have no meaningful choice, invest vs consume. your marginal dollar is going into a portfolio asset, the insurance value of which is higher than meaningless consumption when your wants have already been satisfied. you don’t have to entice the very rich to “invest” rather than consume with high returns. in fact, it’s a terribly counterproductive enterprise.

@cshentrup @sjwrenlewis keep income taxes low for people of modest means, for sure. that’s where we want financial incentives to be strong, and effort to be financially fruitful. we’d rather the already very rich not trouble themselves financially at all. for their efforts to matter against hordes very large, accumulating market power and predation generally is the only way forward.