Then lobby to change the tax laws, just like folks are lobbying to add billionaire taxes. The billionaire tax has nothing to do with the rich having ways of hiding wealth or income, deferring losses, etc. to reduce their tax burden. You're making an argument that obfuscates and obscures the real argument here that billionaires should not exist as they serve no utility in a society besides absorbing resources.
Then nothing changes in your fantastical scenario that I find a $1B painting in my attic and sit on it.
What we're talking about here is when people like Jeff Bezos have billions of dollars of income--direct income from gains realized in asset sales, income generated from property, stock sales, salaries, etc.--we shave a significant portion of those gains off in a wealth tax.
Well that's just another unworkable scheme. The income is already taxed at the highest rate so what you're suggesting is base the income tax rate on how much a person is worth, like if they are a billionaire make the tax rate 99%. How would the IRS determine a person's financial worth without doing a complete audit of all their assets? That could take years for a billionaire.
