The real problem with wealth taxes is that they really can't raise very much revenue. In the US, even an extremely aggressive wealth tax, like, say, Elizabeth W

The real problem with wealth taxes is that they really can't raise very much revenue. In the US, even an extremely aggressive wealth tax, like, say, Elizabeth Warren's proposal of 2% over $50M and 3% over $1B, would only increase federal revenue by around $250B/year, or around 6%. It wouldn't even come to covering the federal deficit, let alone big social programs like free healthcare or college. And this is assuming zero capital flight and new tax avoidance, which is impossible.