but that should be via a higher income tax. 40% over 1M, 45% over 5M, 50% over 10M. We should also close the loopholes on ultra rich just borrowing against their massive portfolios to avoid selling and accruing capital gains taxes. We make it too easy to horde extreme wealth and that isn't productive for the health of the economy.

Wealth taxes are just dumb. People will move to avoid them. Everyone knows the 1st time it would be for the California Healthcare System. The next time it will be to finish the road to nowhere. The 3rd time it will be to end homelessness. And on and on and on. No one is dumb enough to believe it will only happen once. And it wouldn't just target billionaires. It will trickle down to everyone with a net worth of $5M or more.

I'll never be a billionaire. I'm hoping to join the 8 figure club someday and planning for it as if I will. That plan includes moving out of the country at some point to a place that allows me to pass on 100% of it to my family. I have no intention of the government taking half or probably more of what took a lifetime to build up. That isn't the sole reason of looking abroad, but it is a major contributor. I imagine there are millions more just like me who have had similar considerations.