A tax on a person’s net (or gross) worth is a socialist’s redistributive wet dream. Kind of like property taxes paid on the assessed value of the land regardless of loans owed. Of course, a high dollar tax exemption would never float.
I just don’t see how it’s more of a socialist’s wet dream than an income tax that destroys productivity and job creation while also protecting the politically connected mega-rich power brokers from most taxation.
This would hit John Kerry, Soros, et al, but leave the just “very wealthy” alone. Also, the mega-wealthy would be encourage to increase MEDIAN wealth so they could keep more of their own wealth.
The current system does not do any of that.