I know Andre Igoudala was supportive though.
Andre Iguodala on AOC's and Warren's wealth tax proposals: 'I'm all for it'
NBA all-star Andre Iguodala is a multi-millionaire, but he has no objections to increasing taxes on the wealthy. In a recent episode of “Influencers with Andy Serwer,” Iguodala got behind proposals from from Sen. Bernie Sanders (I-VT), Sen. Elizabeth Warren (D-MA), and Rep. Alexandria Ocasio-Cortez (D-NY) to institute a wealth tax.
“If we can find ways to stop abusing the earth with pollution and overeating and obesity and diseases and cancer, and if you have to take a chunk of my wealth, I'm all for it,” said Iguodala, a longtime forward for the Golden State Warriors who was acquired earlier this month by the Memphis Grizzlies.
Currently, the top income tax rate is 37%, which applies to individuals making over $500,000 or married couples making over $600,000. Historically, top earners have faced higher taxes, paying a top marginal rate of 91% under President Dwight Eisenhower and 70% under President John F. Kennedy.
“I've looked at the historical tax rates, and I think it was like 70%, 80%, the federal tax was at one point, which seems pretty high. But we're in interesting times,” Iguodala said.
https://www.yahoo.com/now/andre-iguodala-responds-to-bernie-sanders-elizabeth-warren-and-ao-cs-tax-proposals-if-you-have-to-take-a-chunk-of-my-wealth-im-all-for-it-143609915.html
I decided to look up Europe wealth tax and it was interesting to see this as one of the first results.
NPR
UC Berkeley economist Gabriel Zucman, whose research helped put wealth inequality back on the American policy agenda, played a part in designing Warren's wealth tax. He says it was designed explicitly with European failures in mind.
He argues the Warren plan is "very different than any wealth tax that has existed anywhere in the world." Unlike in the European Union, it's impossible to freely move to another country or state to escape national taxes. Existing U.S. law also taxes citizens wherever they are, so even if they do sail to a tax haven in the Caribbean, they're still on the hook. On top of that, Warren's plan includes an "exit tax," which would confiscate 40 percent of all a person's wealth over $50 million if they renounce their citizenship.
Warren's tax is also only limited to the super rich, whereas in Europe the threshold was low enough to also hit the sort-of rich. This higher threshold helps it avoid problems like someone having a family business that makes them look rich on paper but, in fact, they're short on the cash needed to pay the tax.
Also important, Zucman argues, the higher threshold means only a small group will be affected. And smaller groups have a harder time fighting for exemptions, which hurt European efforts. Some countries, for example, exempted artwork and antiques on the grounds they were hard to value. It's true, but it creates a huge loophole: Buy lots of art! Economists hate incentives like these because they distort markets. Warren's proposal calls for no exemptions.
https://www.npr.org/sections/money/2019/02/26/698057356/if-a-wealth-tax-is-such-a-good-idea-why-did-europe-kill-theirs
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