A tax on capitalization is fundamentally different than one on profit or income. A chip fab is a 20 billion investment over 3 or more years. They'd pay out up

A tax on capitalization is fundamentally different than one on profit or income. A chip fab is a 20 billion investment over 3 or more years. They'd pay out upwards of a billion dollars before they begin to sell anything. Any domestic industry that is capital intensive with low margins or high risk would die. A wealth tax is a terrible incentive for investment and growth of local businesses.