Should there be a wealth tax of 100% for net worth over $1 billion?

[Pericles]

Confiscatory taxes would likely create a disincentive to work and ultimately cause economic harm. However, by having a strong regular tax system, you can limit how much obscene wealth goes to a small elite without hurting the economy. The tax cuts over the last few decades haven't produced much economic benefit and aren't worth the increased inequality and lost revenue.