The problem with this is that the super rich can hire tax professional to avoid these taxes leaving the burden on the middle and lower classes to pay. Likewise, the rich can and do move from high taxing states which is happening in NY NJ and CA to lower taxing states, leaving the tax burden on those who remain who are not as wealthy. Also the rich generate jobs such as nannys drivers and cleaners. This is besides industries such as restrurants and broadway shows who without rich patrons will cease to exist.
I am not sure this is going to generate the extra funding claimed.
Menu