Because unfettered capitalism creates runaway wealth compounding for the winners, wealth taxes are one lever to balance the game a bit.

Only one person enjoys the end stages of a monopoly game where that person has cornered the properties and money flows to them unimpeded.

It seems like people are making a massive fuss about a one-time tax of 5%. Elon Musk, if he lived in California, would pay around $40bn. But in the past 12 months his wealth increased by ten times that.

Honestly, 5% is a tiny ask for people who’ve spent a long time avoiding paying tax. Taxes on the wealthy were 80-90% for large parts of the 20th Century.

Sure, there is a valid question about how much of their wealth is actually liquid. But they can borrow against their assets, pay the tax once and they’d make it back in a few years or less.