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>”Genuine question, why?”

A wealth tax would clearly be a ‘direct tax’, which must be apportioned among the states according to the constitution.

Eh, this is debated. (Moore.) It could be written as an excise tax, too, push come to shove.

Capital gains are permissible because of the 16th amendment; the 16A does not permit the congress to tax assets. It seems like quite a stretch to apply Moore to cash holdings.

We already have taxes on assets. They're called property taxes.

Congress is not permitted to levy property taxes.

Tax money is fungible.

The state govts can do things that the federal govt is forbidden to do.

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