Tango

I think the focus on rich people is misguided. You would get way more tax money by properly taxing corporations than you would by taxing billionaires. The personal income of even top level billionaires is still peanuts compared to corporate profits, which can be hundreds of billions per year. I don't care if Musk or Bezos has a personal wealth of hundreds of billions, that money doesn't exist, it's the hypothetical market value of their stock holdings. But major corporations do actually have hundreds of billions of actual liquid income every year, so to me that's fair game for taxing. If Walmart profits $150 billion in a year, then sure, go to town and heavily tax that, because that is actual money and not just value.

I simply disagree with taxing someone on the perceived value of an asset. I know that's how property taxes work, and yes, I disagree with that too. You shouldn't tax someone on simply owning an asset.

Tax them how though? Honestly, most billionaires don't take a massive salary, many of them have an official salary that is wholly unimpressive. I think Bezos' official salary as CEO of Amazon was under $100k. And I am firmly against the idea of a wealth tax because that means you're taxing someone on money that they don't have. If I find a painting at goodwill that turns out to be worth $100 million, should I be expected to pay taxes on that $100 million even though I only make $20/hour? That would be totally unfair, you'd be taxing me on money I don't have.

$7 million really isn't obscene money. If someone has a successful business and retires at 50 years old with $7 million in the bank, assuming they live to 90 that's only $175k per year. Depending on where you live that can range anywhere from very comfortable to barely getting by. Of course, you could invest it and assuming 4% annual yield that's $280k per year, which is the right way to do it. I personally have no issue with someone reaping the rewards of their success. I also think that the rich people hate is misplaced. Why are people mad at the wealthy for not picking up the government's slack, instead of being mad at the government for slacking in the first place?

I think that's still far too low. If you own even a moderately successful small-medium sized business then you can get to the point where you have more than that.