Some believe that as long as the miser was subject to income tax while the hoard was accumulating, it should not be taxed again. Others would argue that the gold per se generates satisfaction and power for the individual, and should therefore be subject to tax. Perhaps the major problem with this argument is that many rich people have a substantial component of their wealth in human capital— their stock of education, skills, and so on. However, there is no way to value human capital except by reference to the income it yields. This logic points back to income as the appropriate basis for taxation.