The intellectual left's need for a new, lucrative and justifiable source of state revenues is as natural as is capital divergence. Income redistribution, no matter how progressive and thorough, can never meet spending commitments, redress past economic injustices, level today's playing field and produce absolute economic equality. A wealth tax is the ultimate golden egg for redistributionists, and Mr. Piketty's "bold, brilliant" book that rationalizes capital confiscation beats that golden egg into a delectable omelet.
The left demands state intervention and redistribution of the existing pie, while the right calls for greater personal freedom and responsibility and more incentives to grow the pie. In today's populist politics, the odds of capital expansion through a "risky scheme" of Social Security privatization prevailing over a wealth tax in public opinion are slim to none.
Palm Coast, Florida