Here are a few obvious problems: - retirement plans often rely on equity from real estate, and so do some nursing home admissions - as per 2008, when people h

Here are a few obvious problems: - retirement plans often rely on equity from real estate, and so do some nursing home admissions - as per 2008, when people have more money remaining on a mortgage than the underlying asset (home) is worth, some of them will declare bankruptcy - when rich people suddenly have a lot less nominal cash, they can't fund their businesses by liquidating assets, so they cut costs, and then those costs have to find new jobs, which can take years and is hugely disruptive for everyone[0] Overall there's an argument to be made for doing it anyway, but there are pretty clear downsides to causing an economic crisis, even if the economy eventually reaches a better equilibrium state. [0] note that I'm not supporting trickle-down economics, just warning about the disruption that suddenly changing the distribution of wealth will cause