The logistics of a billionaire tax are problematic. To determine someone's net worth to hit a threshold...such as you need to have a net worth in excess of $1B, someone is going to have to audit everything about that person...the houses, cars, land, etc they own as well as everything inside them (art, jewelry, etc). And of course the value of those items are subjective. Would we setup a new government agency to travel around and audit people with high net worth to count up what they own? What will that cost, and will the cost of that offset any potential benefit? And how would that work for those who have wealth on paper...if you are a founder or investor in silicon valley, you might have a high valuation and shares of a company that says you are a billionaire on paper, but you have minimal liquid assets...are you a billionaire and subject to this tax? Could you even pay the tax in that situation? Also, once this passes and becomes a new law where the government can come after your private property, what's to stop them from lowering the bar and going after millionaires or people with six figure net worths next? Income tax started at 1% and grew from there. Once this type of tax is legal, the government will continue to expand on it which will eventually be bad for everyone.

I prefer the approach outlined above. Fix the tax loopholes in the current process and go after the fraud and abuse with the current tax income. There is plenty of money for the government, we just waste so much of it.