Historical consequences of a wealth tax:
| Country | Outcome | Key Effects | Status |
|---|---|---|---|
| France | Low revenue, capital flight | Millionaire emigration; investment decline | Repealed (2017) |
| Sweden | Avoidance, offshore assets | Wealth moved abroad | Repealed (2007) |
| Denmark | Distorted savings | High admin cost | Repealed (1997) |
| Germany | Legal + admin issues | Hard-to-value assets | Suspended (1997) |
| Norway | Still active | Some relocation; moderate revenue | Active |
| Netherlands, Austria, Finland, Iceland | Similar issues | Low yield, high avoidance | Repealed |
In other words, it’s just bad tax policy, hard to track and introduces administrative burden, and encourages further obfuscation. Alternative: Income tax reform is a better solution.
I encourage you to provide a list of countries where it isn’t repealed and is effectively working.