[1980phipsi]

>> A few billionaires might have additional vacation homes, but they are not going to consume a million homes, much less 10 million.

> Sumner is somehow unfamiliar with the concept of a landlord or vacant property investment.

I'm sure he is not unfamiliar with either...

Not sure what landlords have to do with anything since washing machines are often included as part of a rental (or the apartment doesn't have a washing machine, but what does that have to do with landlords?).

And vacant property investment is a small fraction of total property ownership in the US. It's more common that people have a vacation home and rent it out part of the year.

>> progressive consumption taxes

> When someone proposes one, let me know.

They have been proposed...many times. In fact, the US's system has elements of a progressive consumption tax already since people can put retirement savings in IRAs/401ks. What would make it a more complete progressive consumption tax would be to either raise the limits on contributions to these retirement accounts (and remove income limits), and also introduce accounts like these that are meant as more universal savings vehicles. This is preferred (in my view at least) to just cutting dividend and capital gains rates to 0% since that would benefit existing rich people.