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We tackle the loaded question of a wealth tax on people with more than $50 million in assets, then separate the moral argument from the messy mechanics. We weigh fairness and political power against valuation battles, liquidity crunches, and the reality of tax avoidance, then land on what would need to be true for it to work. 

• defining a wealth tax as an annual tax on net worth rather than income 
• why supporters see it as fairness and a check on concentrated power 
• how ultra-wealthy taxpayers can keep taxable income low by borrowing against assets 
• valuation problems for private businesses, art, and intellectual property 
• liquidity risks that can pressure founders to sell or borrow 
• avoidance and capital flight concerns, including the France example 
• alternative policies like a billionaire minimum income tax, carried interest reform, estate taxes, unrealized gains in limited cases, and stronger IRS enforcement 
• our bottom line: support in principle only with clear rules, strong enforcement, and protections against forced fire sales

 
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