Assuming that accountants and lawyers do not find a way to address the tax... rarely has there been a tax that has not been carved up by finding technicalities and that subsequent legislators do not carve exceptions into the law.
The wealth tax will only apply to the very wealthy. Now it is very possible there could be some of those amongst us. I do not mean to suggest it won’t apply to anyone. But for most people, it won’t apply to them or their friends or family.
I think it will be difficult to get it passed however. Though it might be better than a raise to capital gains tax. 50 or 30 million without the tax applying at all is a large clearance. I suspect it could be implemented in many ways, most likely graduated... so if you have the cutoff amount, 50 million, it might only apply to the dollars above that amount. I do not think that is unfair, though it clearly will feel like it to anyone in that group. Some may put that additional wealth into vehicles that make it harder to apply the new tax, is my guess. Tax laws that are extractive are usually easily managed by other means. Also, while people talk of applying it to the super wealthy, if it is all in assets, I wonder if they are really going to make the super wealthy liquidate their holdings in their own companies to pay the tax. I think it will have issues once they dig into the idea of making it a reality.
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