[nickff]

>”Genuine question, why?”

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

[JumpCrisscross]

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

[nickff]

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.

[throwaway85825]

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

[apparent]

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

[nickff]

Congress is not permitted to levy property taxes.

[throwaway85825]

Tax money is fungible.