This reads like you didn’t really get my post or acknowledge the challenges. Yeah I didn’t generally say anything new but was just giving examples of specifically what might need to happen and what would result administratively. You say it’s not a lot of people to be taxed. Who cares? If one of those persons owns a small stake in a thousand private businesses then that’s a thousand new audits to determine their net worth. That involves a ton of people on the accounting, valuation and employees of those businesses. You ok with exploding the demand for accounting folks? Chris, Palma, and the accounting folks here would probably would be ok with that, for all you guys try to claim they’re preserving status quo. And who says it’s not many people to be taxed? How would you know? Like you said, people may try to hide wealth. By the way I didn’t say that people try to hide income but not wealth. No shit man.
Simply saying “create regulations and beef up the IRS” is a magic wand, not a real solution or acknowledgement of the challenges. Some could call it asinine.
Of course it’s not impossible to tax wealth. Then approach it realistically to make sure it’s doable.