” A tax slapped on billionaires is unconstitutional. You cannot have a wealth tax. “
__________________
That’s actually not true. They can tax whatever they want. There are actually many wealth taxes - like the property tax and car registration tax. Some states has intangible taxes. Etc.
In some ways, the wealth tax is more socially desirable than the income tax as income fluctuates a lot, while wealth is more stable. It kind of reduces the urge of people to hoard resources.
The main problem with wealth taxes are that they are notoriously hard to enforce. It is easy to conceal wealth, hard to appraise all your possessions and extreme invasion of privacy if instituted.
But unconstitutional - NOT!
No, they cannot tax whatever they want.
There must be an enumerated power for the specific kind of tax in question and, moreover, an enumerated power for what the tax in being levied to fund if it is being levied for specific ends.
There is no enumerated power for federal estate or gift taxes and those are unconstitutional no matter what the government in abeyance may insist.