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The reason that the billionaire tax failed is that it’s stupid. Taxing unrealized gain is wrong in most voters minds. There is a much much better solution.
All billionaires hold their wealth in stock, which until they sell it is an unrealized gain - meaning that money is not being actively used by the owner monetarily. Their superpower is leveraging against those stocks to get a loan to buy the $500 M yacht (looking at you Bezos). Currently that is tax free. I will argue to my grave that getting a loan against stock held is now a realized gain and should be taxed as such.
TL/DR; if you tell the voters billionaires should be taxed when they get a loan against their stocks to buy a mansion, yacht or election they would vote for this in a heartbeat.
Property tax is already doing that though.
Who cares? That has nothing to do with my solution.
I think this is one of many possible adjustments, but I agree with your point that a lot of people had questions about how thoroughly this had been planned, and didn't quite trust the current version. That's how I felt (although I voted for it anyway).
Anyway, I agree with you that there will be other versions of this, and some version will eventually pass.