The taxes on wealth were much higher when I was much younger.
I think a 0.5% portfolio/asset/net worth tax instead of any income tax would be just fine. I wonder if the billionaire would agree?
I doubt it. The published federal income tax rates were much higher, but that's not the same thing for several reasons. First, state and sales taxes were much lower. Second, there were tons of loopholes and exemptions that were commonly used. Third, you have to be aware of the differences between income taxation and taxation of accumulated wealth.
In my opinion, a wealth tax is a bad idea--it would keep getting bigger over time; it would raise the cost of capital (people would expect a real return) and reduce capital formation; and it just sucks that after you've accumulated some wealth despite being taxed along the way, the government should have the right to steadily leach (or should I use "leech"?) it away.
How about a 10% tax on assets over one billion dollars? Wonder if he likes that idea? Likely not, as it would adversely affect HIM.
Effing POS.