Comment by whiddershins

Every time someone tries to make a tax targeting the ultra rich, it ends up hurting the moderately wealthy instead.

Every. Single. Time.

The worse tax situation is always the person who makes 500k in a good year, or sells a house they held for 25 years which went up a bunch in value.

I suspect this is a significant factor in social mobility. Our tax system is punitive to people who try to leave the working class.