The rich will just move to a different country, negotiate with a Swiss canton for a fixed sum tax. I don't see how a tax that punishes wealth is sustainable, the wealth will just go somewhere else.
Maybe if we had a world government or something.
Maybe if we had a world government or something.
Also, I think it is equilibrium of interests of all involved parties: rich pay 0.5%/y of wealth tax, population is healthier, country is stronger and protects interests and safety of rich. The problem is mostly to make them realize this.
The US is increasingly a less relevant country every year. With a wealth tax, yes, all those Americans will have their wealth eventually confiscated (0.5% a year will add up quickly year after year, investments will unwind so wealth will stop accumulated, and eventually it's gone), but I doubt the rest of the world will care and just move on and decide crazy things that happen in the US are like the crazy things that happen in Iran.
US already have 0.5-1.5% property tax, no one calls it confiscation.