Most USA millionaires are private business owners.
How will that work?
Will an army of IRS appraisers calculate the monetary value of businesses they know almost nothing about?
And, even more important, most business owners DO NOT WANT partners or shareholders.
That means the asset tax will come straight out of their take home pay, or it will have to be borrowed.
And the “2%” asset tax is extremely deceptive.
That is NOT an extra 2% of income tax. That is 2% on the total value of your business EVERY YEAR.
In a bad year, that 2% could swallow 100% of your take home pay.
Complete insanity.
6% is roughly 1/16th. That’s a pretty steep drop in total wealth.