It's bad enough that wealth gets taxed if its real estate or a car, and that there's all sorts of pension restrictions, but those are disguised wealth taxes.
If what you are thinking of is taxing all accumulated wealth above some amount, I think you'll be sorry. Capital accumulation will be severely affected, and with it jobs and general economic well being. It will be eating the seed corn.
“As it exists now, trusts pay income tax on any undistributed income, and the recipients of distributed income pay tax.”
Are they using that income to build the economy, or to support themselves in a high style while they tear it down for the rest of us? Think of all the heirs and heiresses spouting leftist platitudes so they can get invited to Hollywood cocktail parties. A lot of people who have fabulous wealth they did not earn are using it to make my life miserable, and I resent it.
Look, we are going to have to negotiate with them, otherwise we go over the cliff and the negative consequences, real or imagined, will be blamed on us. Unless you can show me that going after trust funds will hurt the GOP more than the dems, then I say throw that out there and let their trust fund babies squeal.