As I tried to get across before, most of what we think of as investment, doesn&#x27;t actually create value. Buying land does not create value, buying stock does not usually create new value (unless it&#x27;s from a new offering). Owning assets that appreciate in value does not create new value. So tell me again why any of these kinds of investment is something we should go out of our way to encourage? On the other hand, consumption in a capitalist society really <i>does</i> create value, because consumption is the all important signalling mechanism that tells us where to direct our resources, ensuring that more value is created. Consumption is not without problems, but it is unquestionably valuable.<p>So not only would a tax system based on consumption be hugely unjust from a social perspective, it also makes no sense from an economic perspective.