Katharine,

A nightmare for anyone wealthy because armies of accountants would have to be engaged t work it all out.

Same for the IRS, which is already underfunded and understaffed.

And to the Warren supporters and those who think a wealth tax will deliver all this government revenue. It won't. The collection will ALWAYS be disappointing. The wealthy will not behave like lambs at the slaughterhouse.

If increasing the class divide is the objective, the wealth tax is ideal.

The assessment task would be enormous. We manage it with real estate but valuing artwork, antiques, and even stocks and bonds with their volatility would take work. It would create a whole new accounting industry and enormous pushback from the wealthy.

A wealth tax is doable, but there are more straightforward ways of collecting more revenue. VAT is a proven sensible approach in many countries.

Always best to you.