I don't think that matches reality. Wealth tax is supposedly for the rich, people with high assets already -- not the everyday taxpayer. Getting Joe or Susan to itemize their assets and report it yearly (including depreciation) seems like a lot of extra work -- albeit perhaps you already have to do this for insurance purposes for some house items, not sure, I am Canadian.
I just did some quick research and it looks like the tax failed in Europe [0]. Thousands of millionaires in France just left the country and eventually it was just axed and declared a failure.
Which seems interesting -- the measure of success of a wealth tax seems to be how many rich people stay.
France's wealth tax has gone back and forth with the government changes over a period of 40 years.
As such, I wouldn't call it a failure. France remains one of the richest countries in the world.
It seems to be presented here in such a way solely to critique Elizabeth Warren's politics.
Multi-millionaires who are motivated to leave over such a small percentage of their wealth don't strike me as people who are [good for/investing in] the local economy, anyway.
I just did some quick research and it looks like the tax failed in Europe [0]. Thousands of millionaires in France just left the country and eventually it was just axed and declared a failure.
Which seems interesting -- the measure of success of a wealth tax seems to be how many rich people stay.
[0] https://www.npr.org/sections/money/2019/02/26/698057356/if-a...