Jennifer Lopez just proved that she can still stun in a sexy, green Versace gown.
PepperLM: Wealth is transportable. There are tax havens with zero income taxes (Monaco and the Caymans) as well as low tax countries (Andorra, Isle of Man), and evening “economic citizenship” countries with no taxes that allow you to be a citizen without moving. If an individual believes a tax is excessive and unavoidable, they can easily move (or buy into) one of these countries—and move their income and wealth. In regard to corporations, the tax inversions that occurred 2000-2016, where companies moved their HQ to other countries from the USA are historical evidence that companies will move to legally avoid excessive taxation. A second point is that the value of many categories of wealth are not readily obtained and are subject to opinion. As an example, a closely held company that has no publicly traded stock, a farm, etc. these types of assets will require valuation estimates. People subject to a wealth tax will very likely hire the best tax planners and appraisers to legally reduce their taxes. A third issue is that, in many instances—as with a farm, land, closely held non-traded companies, etc—wealth is not liquid; and it will have to be liquidated to pay the tax. This action could “crash” the value of a private company, and void the tax. On a broader scale, if wealth is held in publicly traded stock, the impact of liquidating stock to pay a wealth tax will have a negative impact on stock prices. Approximate 61% of the USA population holds stock, either directly in investment accounts, IRAs, etc; or indirectly via pension plans such as unions, public employees, etc. A fourth point: where wealth taxes have been imposed, they have failed to raise the projected taxes; and most were abandoned. A final point: there will likely be legal challenges as to the constitutionality of a wealth tax.