Friedberg

anecdotes about this.

In France in 1988 1989, they passed this millionaire tax, anyone with 1.3 million euro or greater net worth had to pay a tax of like 1% a year, one and a half percent a year of their total assets.

And it raised 4 to 5 billion euro a year in new tax revenue.

But what happened?

200 billion euro of net worth left France, and the total income tax went down by 8 billion.

So they ended up seeing a complete reduction in overall tax revenue for the country of France when they passed this.

So by the year 2018, they tried to revamp it a bunch of times.

They never got it to work.

20 years later, in 2018, it got completely turned off.

So there's no longer this asset tax in France.

And that was a small asset tax.

The reason they're calling it a billionaire tax is to make it easier for people to vote for it and sign up to this entirely new tax system that they're proposing to put on all Americans at some point in the United States.

And for the first time ever,

degrading our private property rights.

Forget about how much wealth you have.

Forget about how rich you are.

Forget about the term billionaire, millionaire, whatever it is.

We're creating or proposing the creation of a new tax system that allows the government for the first time ever to come in and audit everything you own, all the jewelry your grandma gave you,

All the value of all your couches in your house, the value of your car, the value of all your stocks and bonds.

And the government can now in and for the first time, look through the veil into your personal property and say, here's how much all this stuff is worth.