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Joined 3 years ago
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Cake day: December 1st, 2023

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  • Because wealth rapidly becomes illiquid as it increases in value. The capital of the ultra wealthy is intimately tied to physical assets in the real world that makes it difficult for capital flight to occur. They are wealthy because they own the supermarkets, the hospitals, and physical infrastructure.

    An example of this is when the UK froze/seized Russian billionaire Abramovich’s assets as part of sanctions, which included the Chelsea Football club. Abramovich (and the media) made a big stink about it, but was ultimately forced to sell.

    The case for keeping the ultra wealthy around for their entrepeneurial innovation is inconsistent with broader economic evidence. Bell et al 2019 (QJE) show that although it is true that the young of the top 1% (again, not the ultra wealthy) are 10x more likely to become inventors, the actual causal mechanism is exposure effects, i.e. having strong peer networks.

    This is something that is explicitly worsened by abolishing wealth taxes, which are well documented to increase wealth concentration and social mobility.

    Who Becomes an Inventor in America? The Importance of Exposure to Innovation* | The Quarterly Journal of Economics | Oxford Academic - https://academic.oup.com/qje/article-abstract/134/2/647/5218522

    I suggest you read Zucman’s common wealth tax objections, which addresses most common rebuttals.

    https://gabriel-zucman.eu/files/saez-zucman-wealthtaxobjections.pdf


  • I applaud the high quality references, but the wealth taxes studied by Econ are often not the wealth taxes that are in popular discourse.

    In particular, the general public, and the few inequality economists like Piketty, Saez, and Zucman, advocate for a billionaires wealth tax. Due to the lack of any sort of data on this, the broader economics profession generally only studies the effects of wealth taxes in the top bracket, which targets the wealthy, but not the ultra wealthy.

    The NBER paper you cited is particularly egregious. The claim that a one percentage point increase in the top wealth tax rate leads to capital flight is arguably misleading because Sweden and Denmark have infamously flat taxes (contrary to popular belief). Their top wealth tax applied to singles/couples with a wealth exceeding 1500K/3000K, or about 150K/300K USD.

    That is… not very wealthy, and if anything only middle/upper middle class. Not at all what a billionaires tax would target.

    The broader evidence is that Sweden has exhibited a serious backsliding in its inequality measures, and the collapse of its welfare state after abolishing wealth taxes.

    ‘We got lazy and complacent’: Swedish pensioners explain how abolishing the wealth tax changed their country - https://theconversation.com/we-got-lazy-and-complacent-swedish-pensioners-explain-how-abolishing-the-wealth-tax-changed-their-country-272041







  • Docker’s main advantage is just being more well known and hence more supported as a default option.

    Even then, I feel that this availability of docker compose files is an illusion, due to their verbosity and limitations inherent to docker. Less granular control of permissions, clunkiness in updating images, and multi container stacks feeling like an afterthought.

    In pretty much all other ways podman feels superior. Cockpit provides a basic web gui, but quadlets are the main draw. Way easier to configure, explicitly designed for multi containers, and updating all images is a single command.

    Roughly, the different ecosystems from least to most complex are:

    Docker/Portainer -> Podman/Cockpit/Quadlets -> Kubernetes