An annual wealth tax of ~0.5% and a floor of ~$10million is very, very different than an inheritance tax of 30%, to the point that they're not even that comparable. So sure, I agree we shouldn't have a high inheritance tax.
> An annual wealth tax of ~0.5% and a floor of ~$10million
... is pointless, as it will just drive wealthy people away, into tax evasion schemes etc. while providing only tax income from the stupid. I'm in that bracket and if my country decided to introduce such a tax, I'd be somewhere else in the EU in no time.
(still expecting a haircut-like single tax grab of 10% or more from our idiot government because of their ruinous Covid-19 politics though)
Let's talk rough numbers - I'll assume you have a net worth of $15 million. You'd owe 0.5% on $5 million - $25k a year. That would be significant enough to move countries over? Completely upend your life, move kids out of school, buy/sell a home, etc.? It just doesn't seem reasonable to me.
You assume a number that is too close to your floor. Duh, someone with $10.5 million would not care unless he expected his wealth to grow quickly, eh? My taxes under your scheme would be well into six figures, more than it takes to house and feed a upper middle-class family with room to spare. So yes, I'd leave for greener pastures, since my frugal lifestyle shouldn't be punished.
By the way, I already paid 25% capital gains tax when I sold my company I'd grown over the years, at the time it was easily 20% of my total wealth.
