Money can be a store of value or a medium of exchange. In reality it needs to do a balance of both. The need for high taxes on the wealthy doesn't need to be for redistribution as much as getting the money to flow through the economy better. The most rich don't spend their money very fast at all and this presents a drag on economic activity. As we've seen when the minimum wage goes up so does economic activity. When we've cut the upper tax rates over the last 40 years, each time the economy has slowed or contracted. The stupid tax breaks that Private Equity and Hedge funds plus the tax code favoring leveraged buy outs and corporate share repurchases slow our economy and makes our economic relations unequal. How can a small landlord having to pay taxes compete against private equity reinvesting without annual tax bills on their 'carried interest'? They can't. Here in NYC, NYU, Columbia U, The Catholic Church and Trinity Church are the 4 biggest landlords, the next tier are all using tax dodges to try and compete w the not taxed institutions. It is a race to the bottom. Our city is the most segregated inn the entire nation. A small landlord can't compete and that plus the FICA payroll taxes it is a one two punch against anyone digging put of the lower economic half.
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