Assuming billionaires were going to get a special tax, how would you actually determine how much to tax them? Sure some would be straightforward like Musk where it’s entirely derived from a few companies with known ownership stakes, but what about all the others?
We don’t even know the names of most of the billionaires. With all the games they can play to hide money, now made even easier thanks to the changes Trump made in his first few months, how would you even figure out who and what amount to tax? They don’t have a normal salary or easily documented income like everyone else.
You have a special division of the IRS whose job is to identify the top few hundred wealthiest individuals and then tax them. These people wouldn’t have to self report like the rest of us.
Idk how it is in the US but in Canada, they already have all our numbers. Really wouldn’t be hard to enforce except many billionaires wealth doesn’t come from their income.
Just tax assets too