France tried this. 12,000 French millionaires LEFT France each year. This was a disaster for the French financial industry, and did not generate much in new t

France tried this. 12,000 French millionaires LEFT France each year. This was a disaster for the French financial industry, and did not generate much in new tax revenues. Ultimately France admitted it was a mistake, and eliminated the wealth tax. There are dozens of sources on this. It's lunacy that people don't read how this was already tried and FAILED. ...btw, you might be tempted to say "well, the French taxed people of much lower net-wealth", but remember that when the bill was first proposed, they had similar high thresholds, and as usual the legislative process broadened the scope of the bill to anyone with more than $1 million. The same would happen in the US.