This tax was deliberately confiscatory when introduced.
The objective was to prevent the formation of hereditary wealth such as was seen in Europe where a few families owned vast expanses of the land and wealth disparity was extreme.
Once a few families have that wealth they are almost impossible to unseat because they use the wealth to control the government, just as we see these 18 families doing today.
I agree with the tax and the reasons for it. What I do not agree with is the low threshold currently in place which can be damaging to small business and farms. The threshold needs to be raised a few million dollars because of inflation and current valuations.
