Source: Foundation for Economic Education
by Kristian Guise
“Wealth taxes are over-reliant upon the few, making the tax superficially attractive to money-hungry legislators, but the tax revenue is unstable. A pseudo-wealth tax was proposed in the State of Washington of 1% on assets over $250 million, but once this was announced/expected, Jeff Bezos moved himself and many of his assets to Florida, costing Washington State nearly 45% ($1.44 billion) of the predicted $3.2 billion/year revenue. The people with the highest assets are also highly mobile; threatened with a wealth tax, many will just leave. Applying the tax itself also has high administrative costs.” (12/19/25)
https://fee.org/articles/wealth-tax-a-simplistic-answer-to-complex-problems/