The way the wealth tax works is it is a tax on your net worth/wealth, which is calculated by taking your total assets minus your total liabilities. Note, this would only apply to rich people. Let's say this would tax 2% above $1 billion and 5% above $5 billion, this would mean the first $1 billion of wealth would be exempt from the wealth tax, then your wealth after that would be taxed at 2% until you reach to $5 billion. After that, the rest of your wealth would be taxed at 5% in this example. Proponents say this would reduce wealth inequality and raise a lot of revenue. They also claim… Read more