Wealth tax

More details are forthcoming regarding Senator Warren's wealth tax. She wants 2% on all assets above $50 million and an additional one percent on assets over one billion. Europe tried this but they had to forego tax on non liquid assets because the cost of appraisals was too expensive. This leaves liquid assets such as cash or stocks and bonds. Rich people don't keep a lot of cash on hand and they would quickly move their equities to off shore accounts a practice which is currently popular. 15 countries had a wealth tax but 11 got rid of it because the cost of enforcement was prohibited. The amount collected was far less than what was projected because wealthy people found ways to move their assets around to avoid the tax. Yet of the 15 European countries that tried a wealth tax in recent years, only four still use it. Most of those governments ultimately were underwhelmed by the revenue raised and overwhelmed by the difficulty in collecting an accurate tax.