RE: wealthy will not sit idly by
That is the crux of the problem. Once your tax rate is higher than average, you lose them, either by “flight” or by tax havens and various forms of cheating. You lose the incentive for development and suddenly you’re Venezuela.
Most will leave, go Galt and say sayonara to the money grabbers............I live on a cul-de-sac. One of my neighbors is from Venezuela....................