@jsonbecker In the 1970's my wife's family (six people) came from a very poor neighbourhood in India to live in poor neighbourhood in New Jersey. She graduated valedictorian from her high school and got a scholarship to college. So did her sisters. Her younger sister and brother work for Cisco and make very good incomes. I grew up in the Caribbean. My Dad came from a poor family. Neither of my parents attened college. But today, their three sons have gradudate degrees. We are high income earners. Are we now part of "the wealthy" that need to be hit with a wealth tax?
How would a wealth tax work? I imagine a scenario where I have millions of dollar of stock assets that I have saved over my 40 year working life and then having to sell the stocks just to pay wealth taxes or worse having to get a job to pay the taxes on that accumlated wealth. Or I have millions of dollars in savings accounts and have to watch as the gooferment just siphons off my savings in a wealth tax.
This doesn't seem right.