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Assuming a 5.5% annual return on the assets, after 10 years a $100 million fortune subject to the tax would be worth $152 million. Without the tax it would be worth $171 million. washingtonpost.com/business/2019/…
Nothing gets "wiped out." But the super-rich would realize a slightly smaller return to their capital. For the $100 million example it amounts to an 11% difference over 10 years. washingtonpost.com/business/2019/…
Whether that trade-off is worth it is of course debatable. But you have to set that against the current reality for the middle class, which is stagnant wages, flat or declining wealth, and a diminished voice in the political process.
One thing to keep in mind too: there's plenty of research showing skyrocketing inequality will eventually be bad for the rich. washingtonpost.com/news/wonk/wp/2…
