Wealthy people pay taxes on personal consumption, and wealth has no meaning unless it is spent on personal consumption. If I had $100 million and lived in a $20,000 home and drove a used car, that $100 million would mean nothing to me. So somebody would be borrowing it, building their business with it, and creating jobs with it. Wealth has value only when spent personally, and that is when it will be taxed.
Discussing the relationship between wealth, personal consumption, and taxation.
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