Wealth taxes sound appealing in theory. Reality tells a different story though.

Look at Europe—they've tested this repeatedly, and the outcomes? Consistently disappointing.

Here's the core problem: you can't efficiently tax assets that don't convert to cash easily. If your wealth is tied up in real estate, private equity, or crypto holdings, suddenly you're forced into impossible positions.

Plus, affluent individuals aren't sitting ducks. They have resources to relocate—move their assets, shift their residency, find jurisdictional loopholes. It's not rocket science for someone with capital and legal counsel.

The mechanics simply don't work at scale.