A wealthy business owner argues that a wealth tax in Denmark will discourage the formation of new businesses there, and that new businesses are central to growth and prosperity.

Personally, I’m not convinced by the premise: I don’t think a wealth tax will significantly impact business formation. The author takes it as a given.

This is just supply-side economics (i.e., trickle-down), tailored toward Denmark:

1. He uses the example of buying a $300,000 Ferrari because of Denmark's massive vehicle and consumption taxes; 2/3 of that purchase price goes straight to the treasury. In his view, a billionaire spending lavishly is a "patriotic" act that directly funds the public.

2. He feels that because the social safety net is already there, on the shoulders of history he believes Denmark can afford to take the brakes off the top earners.

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Being that, culturally, Nordic countries are generally against flashy displays of wealth, the real problem is CULTURAL and SOCIETAL, not political. Changing the policy side of things isn't going to change the general disdain Danes may have for those on the other side of rising financial inequality.

The reason trickle down economics always fails isn't that the people at the top are all evil and greedy, it's that the pie doesn't actually grow, it's just the government borrowing from the future to fund the opulence of the upper class. Successes are outweighed by low risk failure and zombie firms that can fail over and over again. A welfare state is the opposite, the government is directly investing in the future by maintaining strong community.

America is spiraling towards another great depression with all the money tied up in these inflated EPS numbers. We have "trillion dollar" companies that routinely blow up on the launch pad (to thunderous applause) and get beaten by no-name Chinese labs.