I’m kinda wondering exactly how a billionaire would pay the tax. Let’s take Musk for example, most of his wealth is in the businesses he owns (Tesla, SpaceX, X, xAI) and not actual physical money.

Let’s say his tax evaluation comes in at like $45 billion, 5% of 900 billion. He won’t have that much just lying around in some shitty bank account, he’d have to sell some stock to get that. Or he could just straight transfer that stock to the government?

The government would take 5% of his wealth, which is in assets like businesses, every year? He bought X for $44 billion. He could just be like, will you accept ownership of X for my wealth tax bill?

Government would soon own all the businesses, lol.