I honestly don't see how this outcome isn't all but guaranteed. It is actually almost comically self-destructive. Taxes based on the same idea of (just take a bit from the rich) destroyed the Swedish financial markets (basically forever).
> As a result, revenues from these taxes were disappointing. For example, revenues from the tax on fixed-income securities were initially expected to amount to 1,500 million Swedish kronor per year. They did not amount to more than 80 million Swedish kronor in any year and the average was closer to 50 million.[4] In addition, as taxable trading volumes fell, so did revenues from capital gains taxes, entirely offsetting revenues from the equity transactions tax that had grown to 4,000 million Swedish kronor by 1988
So off by an order of magnitude in their estimates _and_ nuked revenue from the capital gains taxes. Overall probably one of the dumbest ideas ever executed because it was so easy to forecast the second order effects.
https://en.wikipedia.org/wiki/Swedish_financial_transaction_...
> As a result, revenues from these taxes were disappointing. For example, revenues from the tax on fixed-income securities were initially expected to amount to 1,500 million Swedish kronor per year. They did not amount to more than 80 million Swedish kronor in any year and the average was closer to 50 million.[4] In addition, as taxable trading volumes fell, so did revenues from capital gains taxes, entirely offsetting revenues from the equity transactions tax that had grown to 4,000 million Swedish kronor by 1988
So off by an order of magnitude in their estimates _and_ nuked revenue from the capital gains taxes. Overall probably one of the dumbest ideas ever executed because it was so easy to forecast the second order effects.