The regulations implementing such a law will see to it that the tax kicks in for anyone earning over $100,000, with billionaires just being at the top of the scale. In other words, it won't start at $100 million.
That's how tax regs in the US always go.
Don't tax good things, tax bad things. Price in externalities. Seeing success as a more harmful externality than climate change is hard to understand. We should focus on taxing carbon way more and less on jealous mimetic rage.
If Sen. Sanders succeeds in enacting such a tax, the target population would move much of their wealth offshore. Stock-wealthy entrepreneurs such as Bezos would probably relocate company headquarters to safer countries. Wealth is a fluid thing. Probably better results could be achieved by cutting wasteful government spending, freeing billions of dollars for other purposes.
FATCA seems like it has been pretty effective against offshoring and AFAIK there's a hefty exit tax when renouncing US citizenship. There are always loopholes but it seems like it would be easier for the billionaires to lobby to prevent the wealth tax than to leave the US.
"Wealth is a fluid thing" is quite a euphemism for "tax evasion"
Call it what you want. People will find a way to hold onto their money.
If it’s money that should have been paid as tax, it’s not their money. It’s stolen.
Lol, some would argue that taxation is a form of theft.
I mean, sure, they can argue that, but legally they’re wrong. Legally, tax evasion is a crime, and the money they’ve stolen by not paying their taxes isn’t their money.