It would be a logistical nightmare. The only beneficiaries would be accountants and attorneys and the hordes of new government employees required to administer it. Jeff Bezos might be “worth” 120 billion today, but if Amazon stock tanks maybe 80 billion in a couple months. Furthermore, if he did try to cash in his 120 billion he would get hit with capital gains tax and possibly state tax too, so it wouldn’t really be 120 billion at all. And what if some rich fuck bought a Van Gogh for $10 million 20 years ago but similar paintings are now selling for $60 million? How would the painting be valued?

The idiot appears to think that billionaires are like Scrooge McDuck and keep all their wealth in a big money bin…

Updates:

Why doesn’t Elizabeth Warren realize how stupid and impractical her wealth tax idea is?

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