When government grows to dominate ever-larger shares of the economy, and when politicians refuse to be responsible about what they spend, there's a predictable next move: Insist that the problem is "the rich" not paying enough. Never mind that high earners already shoulder a disproportionate share of the tax burden. Never mind that relying on a small and mobile group of people for the bulk of your revenue makes public finances more volatile, not more stable.
No, once spending is treated as untouchable and restraint as politically impossible, it's only a matter of time before politics demands more, more, more. More taxes and more distortion. This helps explain why wild new forms of wealth taxes are popping up.
