I usually agree with a lot of what Jared says but, on this particular issue, I disagree. Billionaires will agree to a wealth tax because the alternative of uncontrollable inflation (i.e., inflation that the Fed cannot stop without devastating the markets) and/or deficits that cannot be financed (because other nations begin to doubt our ability to pay or do not want to continue to accept payment in inflated dollars) would be a greater cost. Of course, billionaires could try to flee to non-dollar denominated assets but the flight would also devastate market values. In my view, they will have a choice: pay a little now or pay a lot more later. Of course, there will be a price for their consent and here's my prediction: eliminate the estate tax (which only generates 18 billion per year anyway).

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