alt Hacker News> How would the "very small wealth tax" be calculated, that you propose?
It is possible to tax unrealized assets. We already do. For example, a property owner pays property tax based on the value of their property, even when they are not selling it.
It is possible for billionaires to borrow against their held assets. It is therefore also possible to calculate a tax on them.
It's possible to do so, but also makes a hostile environment for investment, which is why America hasn't done so yet.
If the idea of taxing unrealised gains and investments excites you, there is the EU... which here on HN is constantly being decried as unable to innovate in the startup space, get good startups going, accomplish anything with AI, and so forth.