> percentage of wealth and not just of income It's hard to list all the problems with this, but here are some obvious ones. Wealth includes assets. Assets can

> percentage of wealth and not just of income It's hard to list all the problems with this, but here are some obvious ones. Wealth includes assets. Assets can be depreciating, like cars or stocks that have done badly. By taxing these assets, you are forcing the owner to realize a loss on the asset. That would make billionaires much more afraid to take risks with their money, which could easily harm society. This scheme also means there's essentially a tax on all billionaires' assets in the US. The effect of this would just be that billionaires spend more time and money working around the laws or moving their money offshore. It is unlikely to result in the US substantially increasing its tax revenue. It would be a lot better to do what some other developed nations do: reduce taxes on people's paychecks (and even corporate profits) to nearly 0% and increase capital gains taxes substantially. This means that people and corporations that actually do something to make their income are taxed a lot less, encouraging that behavior. People who just make money by having money (and not actually producing anything) are taxed a lot more. This would dramatically reduce the pool of venture capital in the US, but that is perhaps a good thing. It would ideally kill companies like WeWork without harming companies like Moderna.