> Your state-capitalism solution punishes the firms which successfully adapted
That would be true, iff the taxes canceled the gains out entirely. Which... I never said. But that always seems to be the expectation when someone proposes to tax wealthy people. Pandemic or not, I never argue for an effective tax rate close to 100%. But I don't have to. I can argue for the effective tax rates being much, much higher than they are currently, and still stay comfortably far away from 100%. So the incentive to gain more would still be there, it just wouldn't be as strong. Not-so-incidentally, I think that would actually be a good thing.
That would be true, iff the taxes canceled the gains out entirely. Which... I never said. But that always seems to be the expectation when someone proposes to tax wealthy people. Pandemic or not, I never argue for an effective tax rate close to 100%. But I don't have to. I can argue for the effective tax rates being much, much higher than they are currently, and still stay comfortably far away from 100%. So the incentive to gain more would still be there, it just wouldn't be as strong. Not-so-incidentally, I think that would actually be a good thing.