And additionally, a significant fraction of most people's net worth is in their housing. With a typical tax rate of 1%, most non-wealthy people are effectively

And additionally, a significant fraction of most people's net worth is in their housing. With a typical tax rate of 1%, most non-wealthy people are effectively already paying a large wealth tax on a huge fraction of their net worth. But if you are ultra rich and have most of your wealth in capital instead, you get away with practically no wealth tax at all. The system is rigged beyond belief.