I'm planning for retirement. One rule of thumb is that you can spend 4% of your investable net worth a year, there are people that say that is too high and 3% would be a safer number.

Now you want to take 1% a year in wealth taxes on top of the capital gains taxes and income taxes I would pay. So either I now have to spend 25% or 33% less a year in retirement, or I work another half decade.

I vote no. If the US state I live in did that, I would move to another state.