Any policy you try to target "the rich" with will also apply to everyone else including middle class.
If I buy a house or boat or whatever and now I have to pay taxes on it every month then at some point renting becomes cheaper. I really don't want to have to rent, I rather own, and shouldn't have to pay for life for that.
Wealth taxes, if actually targeted at the ultra rich could work, the problem is when they write these sort of policies it does not work out that way. Someone like me that owns a home and a separate 40 acre property would be seen as ultra wealthy by such a policy, even though I saved up for years to buy that and don't have that much money.
But if I have a 30k boat I may have spent 10 years saving up for that, why should I keep having to pay tax over and over on it? And now I have to sell it if I choose to retire because I can't afford the taxes anymore.
1) Unless you simply mean the likeliness of congress critters demanding that higher taxes apply to all brackets instead of just the top 1%, why do you keep stating that as fact? As if these taxes on the ultra wealthy are just impossible to enact without affecting YOU as well? You are the only one claiming this. Well except for maybe Greenman.
2) Why would you keep paying taxes on a boat as if you were renting it? I don't understand how you keep imagining these hypothetical situations, TBH. Even IF you were ultra-wealthy and owned assets like yachts, mansions, etc...why would you be paying taxes on those assets monthly? Why would you think this is just the only way it would work?
You already keep paying for a house and land NOW because of property taxes, so saying you don't want to do that...welp, you're doing it already. I don't understand how an asset tax that kicks in at some higher level ($10M in assets?) would negatively affect you, especially if it helped to lower property tax, sales taxes, income taxes, etc.
At least with income tax you only pay the tax once.
Do away with loopholes for income taxes (like for earned interest and capital gains, etc) for anyone with assets over a certain amount ($10M? again as a hypothetical). The richest folks now claim very little to no income year to year because they aren't taking in wages. Why do you think Elon gave himself a $1 annual salary when he took control of Twitter?
That system as it is now, needs to change.
I want to hoard platinum!
Gold has been riding pretty high, and Platinum has been relatively low, despite being far rarer than gold. The slowdown in sales in the automotive industry has had a big effect on the value of Platinum the past few years as it's the highest global usage of it (catalytic converters). I think it's a good time to hoard it.
IANAFA, btw