How do you design the wealth tax in order that only the"right people" are affected. And if income tax is totally abolished like the post above is proposing, how do we make sure that high income workers pay tax? One could theoretically have a high income but strategically keep ones wealth low by keeping spending and expenses the same. For example by renting a mega yacht instead of owning a mega yacht. Or leasing a luxury car instead of owning a luxury car.

Adding exceptions for residences and farms will just make those the most attractive places to store ones wealth and we don't want mega rich buying up all the farms or houses. None are more skilled at finding loopholes than the extremely wealthy.

I'm interested to hear suggestions.