[speedplane]

> Have you done the math, though?

I haven't but others have (e.g. Warren). A 2% wealth tax on assets over $50M will generate $3.75T over 10 years. Even if the actual number is half of that, it's still plenty to pay for many progressive programs.

Source: https://elizabethwarren.com/plans/ultra-millionaire-tax

[sandoooo]

The total number of billionaires in the US will drop to zero a week before this is passed into law (or maybe one or two, the remaining being people who have decided that ultra-virtue-signalling-slash-conspicuous-consumption is worth 6%/yr and who have nevertheless squirreled away most of their wealth into various nonprofits and the like), and the number of people with assets over $100m will dropped to maybe 5%. Unless they plan to retroactively tax people fleeing before the law passes, I doubt it will generate one-twentieth that amount. A person with asset of $100m will be paying $1m/year under that system. Uprooting yourself from the US is painful, but $1m/year soothes a whole lot of pain. Even more so for billionaires.

If it does become law, though, I fully expect that $50m ceiling to come down year by year as the economic situation worsens until sub-$1m. Or maybe they keep it the same and hyperinflation will meet it on the way up for the same net result.