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Somebody educate me. At a tax rate of 6% on accumulated wealth, doesn’t all of the wealth evaporate in about 17 years, as those who possess that wealth need to cash out, sell property, etc. to get the money to pay the taxes on that wealth?

Am I looking at this correctly? A wealth tax will levy taxes on property which is not necessarily in the form of cash, or assets easily convertible to cash to pay the taxes.

A wealth tax will levy taxes on property which is not necessarily in the form of cash

Happened to family farmers during the low threshold inheritance taxes which the dems are now trying to put back to the confiscatory levels again with this insane plan. This does not affect me one iota but I know it is not just.

Why does the dem party wish to get gun confiscation? Well, I guess if I were a member of that group, I’d want gun confiscation too. Trigger finger recall is the only way to stop some of these insane measures which are unjust, totalitarian, and rule by the majority. The last battle before a nationwide recall election will be the one where the SC validates wealth confiscation crap.

The last country enforcing this idea had to be extinguished by hordes of soldiers landing at Normandy and fighting their way to outside the capital of the National Socialist Workers Party. Remember one of the items on the tablets was not to steal. These ideas are nothing more than politicians stealing from everyone who has earned what they have.

I assume you’re thinking 6 x 17 = 102%?
It doesn’t work like that, because 6% gets smaller every time your wealth is smaller.

$100 - 6% you are left with $94
$94 - 6% you are left with $88.36
$88.36 - 6% you are left with $83.06
Etc

It’s still BS...

At a tax rate of 6% on accumulated wealth, doesn’t all of the wealth evaporate in about 17 years

Those with $millions and $billions are not as stupid as Warren's supporters are. Those +aires will, if they have not already, move a great portion of their wealth off-shore where the likes of Warren cannot get to it.

These tax-the-rich proposals have been used by political candidates for decades. They are more shuck-and-jive than reality. Once elected, the pol goes for the middle class. Case-in-point: Obamacare. Increased premiums and deductibles that priced actual health care beyond the reach of many -- in the middle class.

No doubt a President Warren will do as much damage as the previous Dem president, however.

At a tax rate of 6% on accumulated wealth, doesn’t all of the wealth evaporate in about 17 years, as those who possess that wealth need to cash out, sell property, etc. to get the money to pay the taxes on that wealth?

The amount could shrink but not get to zero.

In reality, the billionaires have their wealth invested and on average probably earn more on their money each year than the 6% Warren wants. They can certainly earn more than the 2% for mere multi-millionaires.