The total number of billionaires in the US will drop to zero a week before this is passed into law (or maybe one or two, the remaining being people who have dec

The total number of billionaires in the US will drop to zero a week before this is passed into law (or maybe one or two, the remaining being people who have decided that ultra-virtue-signalling-slash-conspicuous-consumption is worth 6%/yr and who have nevertheless squirreled away most of their wealth into various nonprofits and the like), and the number of people with assets over $100m will dropped to maybe 5%. Unless they plan to retroactively tax people fleeing before the law passes, I doubt it will generate one-twentieth that amount. A person with asset of $100m will be paying $1m/year under that system. Uprooting yourself from the US is painful, but $1m/year soothes a whole lot of pain. Even more so for billionaires. If it does become law, though, I fully expect that $50m ceiling to come down year by year as the economic situation worsens until sub-$1m. Or maybe they keep it the same and hyperinflation will meet it on the way up for the same net result.