I’m saying that we already have the concept of small tax rates against unrealized “gains” for the common folk, so it’s not crazy to think that unrealized gains for the rich folk could be some sort of fair game, on a roughly analogous scale. Mostly the same concerns about unrealized stock value apply to real estate property. The exceptions that I can conceive of would be:

• Housing already has the typical property tax priced in. So whatever the effects of the wealth tax would be, it would be novel and thus some sort of adjustment would occur.

• Housing has some intrinsic use and is not just a financial vehicle. People want to be in a house and most don’t even want to think of it as an ‘asset’ if they don’t have to. So one’s desire to reside in a primary residence is not dissuaded if you had reason to think you could “earn more” elsewhere. Stock is a more purely speculative financial instrument, so behaviors could be different. If a 3% tax across the board were levied, suddenly the effect is that investment vehicle is handicapped by 3%. So the average S&P return is 10% today, and thus would be effectively 7%, which might trigger some moves. Or if you say ‘3% over 10m’, then you get a shift where relatively less moneyed investors become an advantaged class, which might be interesting.