U.S. Government shuts down.

[kandrathe]

Wealth taxes? Bold. But very hard to do, and in the end, not very good at raising revenues. There just isn't that much wealth, compared with income, and once you've taxed it once, that part is not coming back.

Assuming the wealthy are investing their wealth, you need to tax at a sustainable flat rate. If one persons net worth is low, say due to starting a small business, then their effective tax rate is small. This strategy supports entrepreneurship. Once their risk has paid off and the value of the asset grows, the tax grows. People living on limited funds, like tax free retirement accounts, would little to no taxes.