This is not all that different in effect compared to a simple wealth (and estate) tax. If you squint a bit, it's a deferred 100% tax. The main reason to prefer

This is not all that different in effect compared to a simple wealth (and estate) tax. If you squint a bit, it's a deferred 100% tax. The main reason to prefer this one AFAICT is that it makes easier to implement the first part (no tax) now and head off the forfeiture at some politically convenient moment before it happens. Kind of like all of "effective altruism" where the short-term effect of a few people getting rich is very real but the long-term effect of helping society is only theoretical and (intentionally) unlikely to materialize. Not on board with that. Just make people pay their taxes already.