https://www.cato.org/publications/commentary/why-europe-axed-its-wealth-taxes
References:
  The Role and Design of Net Wealth Taxes in the OECD
  (More than a dozen European countries used to have wealth taxes, 
   but nearly all of these countries repealed them, including Austria, 
   Denmark, Finland, France, Germany, Iceland, Ireland, Italy, the 
   Netherlands, Luxembourg, and Sweden. Wealth taxes survive only in 
   Norway, Spain, and Switzerland.)

  Raises about .2% of GDP

  Difficult to administer and enforce (most assets hard to find/value)

  Too many exemptions and tax avoidance in holding exempted assets
  Too much outflow of assets-- and other tax revenues with it


Interviews of Saez and Zucman (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.

  Warren plan is "very different than any wealth tax that has existed:
    -- hard to escape national taxes (will add an exit tax of 40%)
    -- only limited to super rich, not sort-of rich
    -- no exemptions to avoid distorting assets

  Counterpoint:
    -- no exemptions ==> huge administrative costs
    -- need large increase in the enforcement budget
    -- may not be constitutional

See also Summers and Mankiw critiques of Saez
  (Summers doesn't buy the power-play argument and sloppy accounting,
   Mankiw points out that transfers need to be discussed) 

Rise in wealth: monopoly rents or intangible capital?

Human and business wealth




Set up the lifetime budget constraints:

   Financial wealth + Nonfinancial wealth+ PDV(Net Taxes) 
       = PDV(Labor Earnings) - PDV(Consumption)


Do Table 3.12:  3* GDP