Absolutely, positively YES! The rich always manage to find the loopholes and avoid paying their fair share. Start with fixing that, atleast to some degree. Why do we have a President that will not share tax returns? He stated at one point that avoiding paying taxes was a GOOD thing, an accomplishment. And to some degree, yes, maybe? Until you realize that people who actually work are paying more than him and then you realize what a big sham it all is. There should be breaks, loopholes, to help build up to a certain level of wealth, but once you achieve a certain level, taxes should just keep getting progressively higher. No escaping it at a certain point. For billionaires, rates should be up there and loopholes few - wealth tax, is it? I agree with implementing this tax on billionaires. Though never to crazy ranges of 90%. Above a certain net worth, maybe billionaire, yeah you should definitely be subjected to an annual wealth tax, the actual percentage rate would have to be very low as it should be levied yearly.

As far as it being used to evenout income disparity, I think a very good use of the funds would be putting plans in place to pay reparations for slavery. Exactly what the best details of a plan, I don't know, but I do believe it should include assistance for higher education expenses and increased social services for people who are most in need. Maybe part of the solution is just studying what people think is a fair solution today. Eventually money would go to fund all below a certain poverty level and definitely expand social services to all who need it, but start with acknowledgement and reparations. It's easy for critics to completely dismiss the idea of reparations as way passed it's time, but I disagree. I think people need to listen better and I think it needs to be made clear at the highest levels that now is the time to look at the past and learn from it. Atone.

Edit: I just started reading an article on this and one idea mentioned is " some of the most powerful families in the country would certainly deploy their vast resources against a wealth tax" so that means it's a GOOD idea. The rate quoted seemed too high. 2% then 3% at a billion. Article doesn't mention estimated revenue this would generate. Other European nations have done away with wealth tax - but I don't know if that is a sign it wasn't working or it was. Knowing how the world works, that probably means it WAS working.

Edit 2: estimates between 800B and 1.6T over the next decade depending on percentages used. Also it is based on an estimate of wealth of richest Americans

Edit 3: This idea does indeed have some drawbacks. It might be best to only be levied for a short period of time, not long term.

The wealthy class like Bloomberg uses charitable donations to buy influence. They would never consider just paying taxes like we pedestrians do. They want to get their name on something. They want personal credit for doing the responsible things the rest of us do all the time.

In Eisenhower's presidency they were taxed at 90%, and it certainly didn't run them out of existence!

I think billionaires should be highly taxed or required to donate the same amount to government-designated charities and causes. That should remedy many current inequalities and much destruction of the earth.

They do it for taxes, if they were taxed appropriately social security could be paid back for the money republicans took for their tax breaks, health care would be more available etc. All done by their paid for lackeys in Congress. In the 50's when they were taxed appropriately we had a strong vibrant middle class and pore people faired better than today

Taxing the wealthy an extra high rate does nothing for the average citizen.. They don't get an increase in their income.. And all that extra tax money would just be wasted by the government...

Many wealthy people don't pay their taxes at all and find ways to shelter their money. The tax paying burden falls on the lower and middle classes while the rich get richer.

Bloomberg and his other wealthy pals may not donate money once they're taxed, but I'm sure the taxes they'll have to pay will more than compensate.

Punishing the rich, the anger against the rich, blaming the rich for your miseries, pitting one class against another to seek the highest office in the land must stop at once. This is not the spirit of America.

Tax them.

Relying on them to donate to charity out of the kindness of their hearts is inadequate. One does not become a billionaire by being generous and I doubt they bother to give to charities for reasons other than positive PR and the tax breaks that charitable donations provide.

Many struggling people have no charity to help them but could benefit from government programs and there is no way that they would voluntarily give enough to actually even out wealth inequality