While it varies based on inflation correction, it looks like the initial income tax started at about 1% on 500k+ incomes and peaked at 7% on 10M+. Now people pay 10% on 10K+ incomes... "soak the rich" is just how they get their foot in the door, they they hose normal people.— Esque (@Esque_FL) October 25, 2021
In 1913, the marginal income tax was 7% on income above $500,000. Thirty years later, the top marginal rate was a staggering 94% for incomes above $200,000. Of course, the rates for all income brackets had increased. The tax wasn't just for "the rich".
The same will happen with the wealth tax. The ultra-rich will simply shift their capital to avoid this tax -- their armies of lawyers and accountants will be handsomely paid for their valiant efforts. Pretty soon, the not-so-rich will have to pony up cash to the government for the inflated house prices, stock market returns, and obscene crypto gains. Few will be forced to sell their assets to pay these absurd taxes. The wealth gap will grow wider.
Of course, it's possible the historical record doesn't apply today. Our governments are, perhaps, forthright and frank. They will only tax the super wealthy. We can trust them. It's possible. Let's go, Brandon!