[robertlagrant]

Taxing wealth is not relatively minor. It is the way to transfer ownership of companies to the government.

Take most rich people; their wealth is generally in assets like land, or in investments. If you gradually move their company ownership and land ownership to the government, what do you get?

[Latty]

An incentive for the wealthy to split their companies up and sell them off, rather than creating giant megacorps with outsize impact on consumers and society?

Oh no, sounds terrible. /s