If the argument is "but rich people will move"... Make it impossible.
Tax wealth accumulated in the US regardless of where you move to. Rich people can't just up and disappear entire industries. They will act like they can, but they cannot.
Having said that... Wealth tax can also be progressive. Depending on how much wealth you have. Taxing those with $20MM could be at 0.1%. Taxing those at > $1B could be at 1%. I assure you, even if we tax Jeff Bezos 95% of all his earned wealth, he'll still be a billionaire. Or close to.
Being a billionaire _should_ be impossible. That comes with extreme power. That power should be reserved for an elected government, not the whim of individual kings or lords.
Tax wealth accumulated in the US regardless of where you move to. Rich people can't just up and disappear entire industries. They will act like they can, but they cannot.
Having said that... Wealth tax can also be progressive. Depending on how much wealth you have. Taxing those with $20MM could be at 0.1%. Taxing those at > $1B could be at 1%. I assure you, even if we tax Jeff Bezos 95% of all his earned wealth, he'll still be a billionaire. Or close to.
Being a billionaire _should_ be impossible. That comes with extreme power. That power should be reserved for an elected government, not the whim of individual kings or lords.