History Tells Us That Wealth Taxes Don't Work

Her tax would impose a 2 percent annual levy on wealth over $50 million, going up to 3 percent for wealth over $1 billion.

Wealth taxes weren't widely abandoned because these governments suddenly embraced free-market principles.

For starters, wealth taxes aren't paid by rich people who reduce their consumption as a consequence.

In other words, wealth taxes may be originally paid by wealthy folks, but the economic burden falls heavily on workers.

Previous wealth taxes also triggered capital flight to other countries, which explains the relatively small amount of revenue actually collected.

To go hand in hand with his proposed wealth tax last time around, Sanders called for the creation of a "National wealth registry," a major expansion of the IRS, and the imposition of an "Exit tax" that would confiscate 40 percent of a rich person's wealth under $1 billion and 60 percent over $1 billion if they renounce their citizenship and try to escape the tax.

History tells us that he won't raise much money from a wealth tax, and he won't even deliver on a class warfare agenda, since workers will pay the price at a time when they can least afford it.

https://spectator.org/wealth-taxes-warren-biden-democrats/