Why have a wealth tax? 

People are so innumerate. 

It's pretty obvious that there is a survival level of income, below which, it's a feedback loop of debt. There's a level that would let your family live in a house you own and run and maintain a car you own, and maybe put a few kids in college with careful budgeting. I think that comfy number might be up to $300K in most places in the US. 

So lets be generous and multiply that by 10. $3M. Why should anyone make more than that - alimony? Why isn't that enough? Prices would go down to accommodate that as the top if that was really the top, because it would cap "what the market would bear".

 Also, the vast majority of "super wealth" is totally unearned, it's mathematics turning money into more money. There really is no incentive to make it "trickle down " and certainly no laws encouraging that. When taxes were high, there was incentive to actually put it to use because that way it would go toward things you wanted and not just disappear into the government. Want another yacht? Buy it on installment. 

But back to innumeracy: Let's listen to my little audio piece on what a million is. Got 19 minutes? https://thejazzkissingers.bandcamp.com/track/one-million