I knew some one would respond that way. But fear not, a 1% tax on wealth above $10 million would require over 100 years to wipe out the entire wealth.
“would require over 100 years to wipe out the entire wealth.”
The original income tax was a 1% tax on the top 2 or 5% of incomes. It has gone up a little since then.
And if your 1% tax took 100 or 150 years to eliminate wealth, then what do you do? What do you tax next?