"the wealth tax is likely to be the most direct and powerful tool to restore tax progressivity at the very top of the distribution"

"our analysis shows that the wealth tax has great revenue and wealth equalizing
potential in the US context. The wealth tax, if the tax rates are high enough, is also a powerful tool to deconcentrate wealth. A wealth tax of 2 or 3% per year can put a significant dent into this growth rate advantage. With successful enforcement, a wealth tax has to deliver either revenue or de-concentrate wealth.79 Set the rates low (1%) and you get revenue in perpetuity but little (or very slow) de-concentration. Set the rates medium (2-3%) and you get revenue for quite a while and de-concentration eventually. Set the rates high (significantly above 3%) and you get de-concentration fast but revenue does not last long. Which is best will depend of course on ones political views."

"Can a wealth tax be successfully enforced? Our review of past and foreign experiences, as well as recent empirical work tells us that enforcement is a policy choice."

"The wealth tax accelerates the process of dispersion of stock ownership for very successful businesses that make their owners-founders billionaires. Dispersed stock ownership has been a feature of US capitalism and is a key reason why taxing wealthy business owners is feasible. Importantly and in contrast to labor income, this dispersion does not mean that economic activity disappears. There might not be even any effect on the wealth stock if the government uses the wealth tax proceeds for public investment, debt reduction, or to create a sovereign fund. The wealth disappears only if the government cannot save the money and cannot encourage middle class saving."