There are good ideas in economics. There are bad ideas. And then there are terrible ideas. This is a column about a terrible idea. Anyone who’s anyone agrees it’s a terrible idea: economists, politicians, the powers-that-be, and who are we to doubt them? It doesn’t matter that this idea has worked in the past for it is, we are told, terrible.

The idea in question is something called a capital levy. The name is boring but the principle is simple, not to mention a little terrifying.

A capital levy is a one-off wealth tax. Everyone in the country — households, businesses, everyone — has to pay a sum equivalent to a chunk of their net assets. The equity in your home, your investments, your savings: