Keep reading that wikipedia article especially the "Disadvantages" section: * Capital flight (people invest in other countries with more sane tax policies) *

Keep reading that wikipedia article especially the "Disadvantages" section: * Capital flight (people invest in other countries with more sane tax policies) * recessionary effects, including job loss. * huge burden on small business owners that are barely making a profit * Incorrect, unequal or subjective valuation of wealth * Disproportionate effect on seniors * Wealth taxes had high management cost and relatively low returns.