not to mention teachers pension funds ( really all union pensions ).
The vast majority of billionaires are worth "billions" only because of unrealized cap gains in the stock market. They rarely sell those shares ( thus avoiding either income tax or capital gain tax ). To pay the wealth tax they will need to sell something like 8% of their stock to pay a 5% wealth tax. Well, doesn't sound bad, right? Except putting 8 percent of the largest tech companies... all in the same year, possibly in the same quarter, back into the market will cause an enormous sell pressure on the entire tech sector... and no one will want to be "the last ones holding the bag' so now there will be a crash or at least a "major correction" ( the long boom is finally over ). Thus watch your retirement accounts lose, what... 10%... maybe 20%? Could be more.
All to collect money from the remaining billionaires that DID NOT SIMPLY MOVE to another state ( often possibly taking their companies and many employees with them ).
Brilliant.
Find a different way to tax billionaires. not this way. And, no, income tax won't work either. Billionaires do not have income ( at least the smart ones do not ).
Luxury tax... maybe. but again, needs to at least be nation wide ( or really world wide ).
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