The problem with most politicians is when they enact a law, they seldom ask, “Then what?” They assume a world of what economists call zero elasticity wherein people behave after a tax is imposed just as they behaved before the tax was imposed and the only difference is that more money comes into the government’s tax coffers. The long-term effect of a wealth tax is that people will try to avoid it by not accumulating as much wealth or concealing the wealth they accumulate.
Walter E. Williams, “Let’s Not Waste a Crisis”, Townhall.com, 2020-05-12.
October 15, 2025
QotD: Taxes in a zero elasticity world
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