Those are asset taxes (with the exception of Italy's 0.15% foreign investment value tax) and it's not hard to hide wealth in liabilities/investments. The über w

Those are asset taxes (with the exception of Italy's 0.15% foreign investment value tax) and it's not hard to hide wealth in liabilities/investments. The über wealthy would barely be affected by such laws should they be enacted in the US while those most affected would be the unlucky few who managed to buy a family sized home in a Californian metro suburb and farmers. I know the "inhereted wealth (estate) taxes kill family farms" is a Republican trope but a tax on assets would disproportionately affect those who own real property and outside of the wealthiest urban centers and their elite suburbs, that would be people who own hundreds or thousands of "cheap" acreage. I have a friend who recently took over his family's 1,200 acre, certified organic dairy farm and a 0.75% asset tax would almost assuredly have him call it quits and sell off to a regional Wal-Mart-tier agribusiness. He only nets ~$100k/yr off of property assessed at $2m and lopping ~$15k/yr off his take home income would be enough incentive, in my opinion, for him to go back to hos $80k/yr industrial equipment sales job.