> this story won’t end well for anyone, superwealthy included

I think they believe they’ll be fine. And I tend to agree.

In the French Revolution—before private jets and wire transfers—most of the aristocracy escaped. It’s even debated if they increased their wealth share through the chaos. (We can reject that they materially lost it.)

I think some figure they will die before any negative consequences hits them. And the hardliners are actively working on changing that social contract, where you will have no choice but to comply, because you will have no power. Many dictatorships still live on, in one form or another, with the elite doing just fine.

it's pretty scary to think that your last bastion of improving your self in this world (your mind) might get taken away too - then we'll essentially have fixed positions where capital owners and their offspring are perpetually the only ones allowed to make money.

as well as the annihilation of non-cognitive work due to the computer over the last ~40 years

related: Building Pro-Worker AI https://www.nber.org/papers/w34854

And we exempt bank accounts, and art, and gold and jewelry, and and and. Property taxes only cover real estate (and, in some states, cars).

When people are talking about a wealth tax, they're talking about taxing all of it, not just what is currently taxed.

> it's difficult to tax people on money they've earned and "paid" taxes on

We already have property tax across the country. Sales tax is charged on post-tax spending. Hell, one could argue income is taxed multiple times given the SALT exemption.

Somehow multiple taxation is only an issue for inheritance and the rich.

People did vote for their property taxes to go up when they voted for republicans to cut taxes on billionaires. The republicans did not stop wars, foreign spending, or wasteful spending, they stopped domestic spending on things regular people needed.

Property taxes automatically goes up to cover the missing federal dollars, that is why property taxes are skyrocketing. Republicans cut federal income taxes and made it easier for CEOs to earn unlimited tax free money.

Property taxes have to pay for everything local that back in the 1950s was all taxpayer funded federally because we had a 90% federal income tax bracket and post-1929 financial regulations. Stock buybacks were illegal and CEOs could not pay themselves in stock and bubble the stock price to enrich themselves. When rich people shift money out of pockets of people who pay taxes to their own pockets where they pay no taxes, they defund the entire tax base and property taxes skyrocket. GDP is still at record highs and companies are posting record profits, but CEOs can run these companies so they and their insiders take all the money.

All the protections have been gutted by the republican party. We are back to the late 20s entering a new great depression. Removing the policies that ended the great depression is how you create a new great depression.