> Similarly how capital gains tax has 0 effect on billionaires and just rip off investors (aka the poorest).
Capital gains tax has zero effect on billionaires precisely because it is not levied on them in most cases. When one's total wealth hits high tens of millions suddenly they get access to instruments to use their wealth without triggering "taxable events". Probably the most well-known example are loans against shares.
This eliminates [some of] downward pressure on some asset prices, triggering positive feedback loop on price and thus wealth transfer.
Capital gains tax has zero effect on billionaires precisely because it is not levied on them in most cases. When one's total wealth hits high tens of millions suddenly they get access to instruments to use their wealth without triggering "taxable events". Probably the most well-known example are loans against shares.
This eliminates [some of] downward pressure on some asset prices, triggering positive feedback loop on price and thus wealth transfer.