Another thing that these idiots don't take into account is that for many of these "Rich", their worth is tied up in stocks and other investments, working, many of companies that they created, not sitting in a bank somewhere. If they suddenly were to have to pay 50% of their wealth in an intangible tax, they can't send shares of stock or other investments to the government, so they are going to have to sell them.
An idiot in the NYTimes states:
So Bezos still owns over 57 million Amazon shares, or about 12% of the company. He's already selling about a billion dollars worth a year to fund Blue Origin. If he was forced to sell another 2-5% of the company to pay a wealth tax, I would expect Amazon stock price to drop, seeing as it would suddenly flood the market. This will cause many others to have a loss, rather than a gain, and reduce actual taxed income that way as well as reducing his "wealth" so that the next year's wealth tax revenue would be reduced.
When he sold approx 2 billion shares in August of this year (The Blue origin payment and some other) Amazon stock dropped nearly 12% from 7/30 to 8/5, while the Dow average only dropped 5.4% in the same period.
Now imagine many other rich also having to sell their company stock at the same time. It would be market free fall.
Is that what they want?
