[andriamanitra]

I don't see how a wealth tax that starts at $100M could possibly disproportionately (or at all) land on the middle class.

I'm sure the parasitic class will always find ways to partially dodge taxes but compared to income and capital gains taxes a strongly worded wealth tax would be much more difficult to avoid. We just need to be careful with the wording of the law to make sure lobbyists are not allowed to carve out any loopholes that can be abused by tax planners.

[EPWN3D]

1. Wealth tax happens on assets > 100M 2. Wealth > 100M flees jurisdictions where it could be taxes 3. No receipts on wealth tax 4. Wealth tax boosters need something to brag about, so they dial the limit down to 50M 5. Wealthy keep dodging 6. 50M becomes 25M, becomes 10M, becomes 1M 7. Definition of "wealth" is expanded to include things like home equity lines or credit, unexercised stock options, unvested RSUs

[clickety_clack]

Exactly. I think income tax was 1% when they introduced it and it impacted the top 1% to 2% of earners. Now look how much they’re taking from the rest of us.