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Not a bad idea but it would have to be a progressive tax on withdrawals from the investment account, …

Right. That's what "tax deferred investment" means. Essentially, you pay the tax on any income that you don't account invest. This accounting is already common in the U.S. Most people don't account personally but rather hand money to a fund manager responsible for the accounting.

You're from Venezuala, right?

And, when you buy yourself a Picasso to hang on your wall…¿are you consuming or investing?

As a practical matter, common juries decide these questions. If I'm on the jury and the Picasso hangs in your private residence, it's consumption. If a jury finds otherwise, you must account for its disposition as such, i.e. if you ever exchange it for something else judged "consumption", you owe the tax then.

Not a bad idea but it would have to be a progressive tax on withdrawals from the investment account, since otherwise all consumptions would occur in the informal and underground world and we would be opening new growth opportunities for the illicit part of the economy.

And, when you buy yourself a Picasso to hang on your wall…¿are you consuming or investing?

And, when you take that round the world cruise…¿are you consuming or are you investing in furthering your education?

When I was growing up, my parents always told me: go into the public sector, for in Brazil it was the only safe bet. These concepts — idea power, liberty, values — are all intertwined and determine the world outlook of a person. In a quasi-socialist state as I live in, it has been wrenching trying to break away from the old ideas and to let a new world view emerge from heavy reading of Hayek and the Austrians.

This breaking away has been wrenching because you wind up not being able to talk to people around you: they now think you are from another planet. It would be fantastic to spend a few years at a place like George Mason, where I am sure I would meet people whose ideas are much closer to what I now hold dear.

This process by which the new emerges is best understood in the intellectual sphere when the results are new ideas. It is the field in which most of us are aware at least of some of the individual steps of the process, where we necessarily know what is happening and thus generally recognize the necessity of freedom. Most scientists realize that we cannot plan the advance of knowledge, that in the voyage into the unknown — which is what research is — we are in great measure dependent on the vagaries of induvidual genius and of circumstance, and that scientific advance, like a new idea that will spring up in a single mind, will be the result of a combination of conceptions, habits, and circumstances brought to one person by society, the result as much of lucky accidents as of systematic effort.

Societies don't share in value either. Individuals do that too.

That said, I'll again pitch a progressive consumption tax, essentially a progressive income tax with tax deferred investing and unlimited entitlement to invest. With deferral of the tax on investments and unlimited entitlement to invest, I don't object to marginal tax rates approaching 100% myself. I do object to high rates at the bottom of the scale, but I expect majoritarian politics to take care of that.

The point of this scheme is not to centralize authority in some statutory body allegedly representing "society" but to leave less central authority where "society" directs it without empowering individual authorities to organize resources too much for their exclusive, individual consumption.

So there's a very specific, very realizable reform, highly precedented and hardly a hair's breadth from current law. What do you think of it?

Why do I expect no answer to this question?