if elon is forced to pay this tax you suggest, he will be forced to sell his shares in order to pay for the tax. Other share holders rich or poor will directly lose wealth due to this plan. Elon will still be rich while the poor will get poorer

It would also motivate people to move their money offshore.

New classes of tax always start out for the rich, but never stay that way. All this does is force founders to sell their companies to other people to pay tax. Why do we want founders pushed out?

So when everyone property and assets go down in value do they get a tax refund??

Oh well how generous of you. You would leave the fattest geese most of their feathers.

They already pay taxes on income, purchases, property. Just stop with the penis envy already

But they would have to liquidate and shut down their businesses to accomplish that. In the second or third year of such a tax there would be no more revenues forthcoming because no one would own more than the threshold.

That 1 percent would quickly grow to 35 percent. The rapaciousness of politicians has no limit.

They will never refund those taxes when losses occur. It’s ridiculous.

You don't seem to understand that this is not money just sitting on his basement. It represents the value of his business, that he has built, that *remains invested in his business*.