His proposal is basically just to tax income at a higher rate on people who have a billion dollars of wealth, which is not a wealth tax, it’s an income tax.

Which is meaningless because people with a billion dollars in wealth don’t really take taxable incomes, they take out loans against assets, or dump enough money in to a money loosing enterprise to counter the income they take from their assets, or they donate all their income to a “charity” which they’re on the board of and basically pays for their lifestyle. Or a million other things you can get away with assuming you have enough money to higher a good tax dodge specialist. Says he wants to patch those loop holes, but there will always be more.

The whole point of a wealth tax is that it’s supposed to create a passive downward pressure on their accumulation of wealth, which income tax doesn’t do, because people don’t build wealth through income, they build wealth through assets.