It’s November, 2020. Elizabeth Warren has just been elected president, and has a small majority in the Senate. If you’re a billionaire, what do you do?
You have nearly three months before she takes office, and the process of passing the wealth tax, if it happens at all, will take at least several more months. You will immediately hire, if you don’t already have one, an army of attorneys, accountants, financial advisers, and appraisers to deal with the potential impacts of a wealth tax. You will start moving money to places the tax can’t reach as soon as possible. And Warren can’t stop you from doing it.
Even if she has a plan for that, she can’t actually do anything until it is too late. And that is only one of the many problems with the tax.