[throwawayzRUU6f]

Wealth tax, implemented properly without obvious loopholes (1) would be incredibly popular, as long as it shifts taxation from income to wealth. However, wealth taxes are unpopular when they're introduced as an additional tax burden.

It's a bit similar to how the car industry introduced gimped, ugly, overpriced electric vehicles to "prove" the public doesn't want them. The same principle - badly thought out wealth taxes in return for nothing - just to prove the public dislikes them. Malicious compliance on political level. Nothing unites mainstream political parties as much as the dislike for taxing wealth.

(1) proposals like radical markets wealth tax create an uncheatable system

[austincheney]

What exactly is a wealth tax, as in what asset is taxed? Is that an estate tax?