Such a plan would strike at the heart of mostly lib democrats like Buffet and Gates who use the dodge to avoid estate and capital gains taxes as they lobby for higher income taxes that they will never pay. Obie and the lib Senate would be forced to come to the protection of their financiers.
“Republicans should counter with a proposal to tax accumulated wealth of over $1 billion...”
That would really hurt the economy. The money is not in someone’s back pocket, it is in companies that employ people. Bill Gate’s money is tied up in Microsoft, where real people work. Even Buffet has money invested in companies where real people work. Any taxes — any at all — take money from average people.
If you take away someone’s ability to be a billionaire, they will stop making money at 900 million and ride the rest of their lives. No more Apples, Microsofts... you name it.
To be a conservative means supporting lowering taxes no matter who would be paying.