You think a business worth $50 million isn't generating much income?
Lots of businesses have sky high valuations and but no profits. The founders will take a good income from the business and pay tax on that income but it is insane to suggest they should have give up control of their business just to pay a regressive and abusive tax. As I said, if the government wants to tax these people they should do it when assets are sold and actual profits made by getting rid of the special treatment for capital gains. Taxes should never be assessed on the yearly book value of an asset.
Is $2.75 trillion over 10 years a "rounding error" TimG?
US government spending over 10 years is 75 trillion so 3.6% is close to a rounding error. But there is no way that the tax would actually collect that much because people would change behavior. In the worst case, you see the wealthy leave the country for a place with less abusive tax policies. This is exactly what happened in France when they tried to increase marginal rates to 70%.
Seems completely reasonable to me.
Only because you don't really understand how businesses are built and value is created.