Noting that many
ultra-high net worth (UHNW) individuals pay very low effective rates of
personal tax on their incomes, Zucman (2024, 2025) proposes a minimum wealth
tax which ensures that UHNWs incur personal taxes of at least 2% of their
worldwide wealth. This note discusses some anomalies of his hybrid
income-and-wealth tax scheme, recounts some complexities in implementing and
propagating it on a worldwide basis, given that individual wealth includes
assets in many countries, and argues that there are other and no less appealing
paths to much the same end, including taxing capital gains on accrual and
enhancing inheritance taxation.