If they impose a wealth tax I wonder what would happen if

the wealthy had to liquidate some of their assets to pay the tax on the  unrealized capital gains they are being taxed for. It could be interesting.

I would imagine the price of their stock would drop and really hurt a large number of businesses. Most likely that would drive total tax revenues down because the corporations involved would be hurt. 

That doesn't include the wealthy that would leave the country and take their marbles with them.

America loses.

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One thing some people don't understand. Some people don't understand unrealized capital gains.

This is somewhat of an oversimplification:

If someone bought a rural lot or a home 40 years ago for, say, $10,000 and over time homes nearby were build and now you're home/land/whatever is worth $210,000 you now have $200,000 in unrealized capital gains. The $200,000 is on paper. It has no cash value as such. If they decide to consider unrealized capital gains to be income or enact a capital gains tax you now owe taxes on $200,000.

At 10% you would owe $20,000 in taxes and would very possibly have to sell your home to pay those taxes.

To find out why the blog is pink just cut and paste this: http://piccoloshash.blogspot.com/2009/12/my-feminine-side-blog-stays-pink.html NO ANIMALS WERE HARMED IN THE WRITING OF TODAY'S ESSAY