Give 2.5% of their wealth, each year, not just give 2.5% of their income. There’s a huge difference.
Wealth gets taxed every year, unlike income which gets taxed only once. So in 20 years, the wealth tax is roughly 20*2.5% which is 50%. And in 30 years it’s closer to 75%.
You seem to be misreading.
Give 2.5% of their wealth, each year, not just give 2.5% of their income. There’s a huge difference.
Wealth gets taxed every year, unlike income which gets taxed only once. So in 20 years, the wealth tax is roughly 20*2.5% which is 50%. And in 30 years it’s closer to 75%.