In other words, legally redistribute wealth from the rich to the poor. Not saying there’s anything wrong with that, but that’s what this program is.
I do think governments all over the world work hard to find some way to tax their foes and let their friend pay a pittance. At the same time, they don't care any bit about the people with just barely a surplus, that end up collectively paying most of it.
... then they'll leave the country. I don't think you've thought this through.
Other countries could follow suit, though the USA probably has the easiest time enforcing due to its global hegemony.
If they flee to other countries and illegally circumvent the law then that's where the US should start flexing it's muscles.
2) Where are they going to go? Somalia? Other countries are going to tax them at least as much. These rich people aren't idle rich, they're rich because they're working in some capacity. You can't do that in Somalia. They get their wealth from being located here. That means they can be taxed here.
Sell it. Or don't, it's their choice. At some point real estate holdings aren't worth it if your host country decides it's entitled to 95% of your wealth.
>Where are they going to go? Somalia? Other countries are going to tax them at least as much.
There will always be another first-world country more than willing to undercut other first-world countries for the opportunity to host wealthy citizens. It's the same principle that gets us to where we are today, with states competing against each other to give tax breaks to corporations to entice them to set up shop.
It's funny how there's no end to people complaining about how the wealthy always seem to get out of paying their "fair share" through loopholes, but THIS TIME, we've got a foolproof plan to redistribute their wealth that they can't weasel out of! Sure thing.