What if the rich lost 40% of their wealth?

[NHPats2011]

This may all be true, but what gives anyone the Constitutional right to do so? I will take my original statement a step further. If we were to give a majority of the poor $1M each tomorrow, within a few years they will have squandered it and once again be broke. So what is the point of your proposed action? We will just end up in the same situation as today in the end anyway.

The government does have constitutional authority to levy taxes do they not?

Not taxes on already taxed assets they don't. Only on day-forward income.

So can you provide us anything that leads you to believe that?

Yes, I provided it above. The 16th amendment of the constitution. In doubt you will comprehend it but you should read the entire document some time.

[PaPawCarl]

Not taxes on already taxed assets they don't. Only on day-forward income.

So can you provide us anything that leads you to believe that?

Yes, I provided it above. The 16th amendment of the constitution. In doubt you will comprehend it but you should read the entire document some time.

AMENDMENT XVI
The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several states, and without regard to any census or enumeration.

I don't see the prohibition in this amendment, only the permission to tax incomes, from whatever source derived....
I think Colts is looking for a prohibition against taxing taxed assets, you know, like estate taxes? Onerous, but illegal?