Hey Bernie! Ever hear of emigration? All you’re going to do is to force Billionaires to move their families and wealth offshore, resulting in no additional revenue for the IRS, but a big hit on our economy.
That happened to some degree in European countries such as Britain and France.
Interesting you should mention voting with your feet. I’ve noticed that every Democratic plan is predicated on everything staying exactly as it is right now. Their new policy, generally for taxes, but there are other things like water rights, will not affect anything else. Therefore, we can easily multiply out the results and we’ll get X amount of additional income. And, it has never, never worked out as planned. Why is that? Because the economy is not numbers. It is thousands, millions of people who make individual decisions based on their own best interests. Numbers are like a receipt that reflect what the people did. I can’t recall which blue state that was unable to raise taxes so they made the new tax voluntary. The support for the new tax was just shy of fifty percent so you’d think that a lot of people would pay the voluntary tax. After several years no one had yet paid the voluntary tax. I’m guessing the people who voted for the tax believed that they would not be affected by it.
Yes, it'll encourage a few of the multi billionaires to get together and purchase a couple of little countries, then take turns ruling them.