When the Federal income tax was initiated in 1913, it only applied to incomes above $3000, which at the time affected only 3% of the population.

who have no where NEAR 100M... like me

Here is how.

I work for a company where the CEO ( not Musk or Bezos ) is worth a lot of money. He would be subject to this tax. He will be happy to pay the 20% cap gains on his wealth. But there is no way he can pay that much without selling a lot of stock in the company... a whole lot ( not compared to what he owns, but relative to the daily amount of shares traded ). Even over time ( like say a year ) such a large move in the shares offered for sale will negatively impact the market. and THAT is where I come in. Having worked here for 5 years... I have some small amount of vested shares. Those shares right now make the the bulk of my life's savings... they have put my daughter through college and are now paying to keep my elderly sister from eating cat food. They also allowed me to contribute more than $2000 USD this year to Democrats... and at least $1000 for various dog and cat rescues around the country.

Were my CEO sell enough to pay this wealth tax, my guess is that the value of my shares would drop... 20 percent, 40 percent, maybe more ( when that type of selling starts, it becomes a herd thing... everyone heads for the exits. Maybe I get out before everyone else... maybe I don't. The vast bulk of my shares are not vested... meaning I can't sell even if I wanted to.

Yes, he is worth more than 100 million. But for me to retire and continue to help my family and not depend of SS ( yes that is my fault ), him having to sell that much of his wealth to pay this tax will absolutely crush me. It is a bad idea for the stock market. All of the mega billionaires selling will cause a market crash... and hard times for the nation.

We have let too few people control too much wealth. But we have done it now. Come up with a different plan to prevent billionaires from using their properties as collateral to loan themselves money at ridiculously low interest rates aka the roll over ( loans) and die plan which prevents them from even paying cap gains for their life styles.

Makes sense to me.