Why do you think that the bar won’t be quickly lowered? It will be sweet pilled by a very low percentage for people with net worth of say $1.5 million, $700k, pick a range. The minimum worth will keep dropping and the percentage will creep up. Just like it did with income tax which was also initially touted as a tax only on the super rich. And who is the arbiter of value on unsold assets?

IRS: Sure is a nice looking $750k house you got there. Don’t worry, your net worth isn’t too high, and we’re only requiring you pay 7% each year to keep it.

You: it’s only worth $400k at best!

IRS: you’re under arrest. 

 Also agree with this.

Income tax started at 2% 

 I never said that I think the bar won’t quickly be lowered.

I agree the premise you laid out.