Wealth tax: Why are countries afraid to tax the ultrarich?

"One way is to increase income taxes. There's also the option for an annual or one-off wealth tax on everything someone has above a certain mark. A few governments want to tax extreme wealth to lower taxes on a stagnating middle class or to make up for social inequality."

"US Senator Elizabeth Warren proposed an 'ultra-millionaire tax' on holdings above $50 million during the 2019 presidential race. Mitt Romney sees a big problem with capital gains loopholes, stating that the wealthiest Americans must contribute more to solve economic issues."

"Zohran Mamdani, New York City's new mayor, has proposed increasing the city's income tax rate from 3.9% to 5.9% on income over a million dollars annually. Lawmakers in Washington state passed a new tax on personal income over $1 million, awaiting the governor's signature."

Many voters favor taxing the superrich to ensure they pay their fair share, addressing social inequality and budget deficits. Proposals include increasing income taxes and implementing wealth taxes on assets above certain thresholds. Definitions of wealth vary, but ultra-high-net-worth individuals typically have at least $30 million. Recent proposals in the US include an ultra-millionaire tax and increased income tax rates for high earners. These measures are significant given the US's status as the largest economy and home to many millionaires and billionaires.

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