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The TL:DR...wealth tax is an administrative nightmare with lots of loopholes and double-taxation. The US is the worst of listed countries for growing wealth disparity in terms of capture by the 1% and reduction for the bottom 50%. Its unclear whether wealth taxes have been dropped from 12 to 4 of the listed countries as t was effective enough to no longer be needed, or something else. But the article recommends aggressive income taxing and inheritance taxing instead.

Other takes?

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Totally agree. Tax every rich folks and make them come down to our level. We certainly can’t climb that high anyway, so they outta come down.

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Would agree you could largely fix via income and inheritance taxing. In particular, I’d move away from preferential tax treatment of capital gains. Could be revisited temporarily during a recession, but there’s no evidence we have a problem with capital formation in this country with interest rates at record lows and the stock market at record highs. And in the meantime, I see no reason why income from labor or interest should be taxed so much higher than income from capital gains.

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