European wealth taxes tended to set the applicable threshold much lower than what Sanders and Warren were proposing. The wealth tax in Spain kicked in at only 700,000 euros. A retired butcher living on a modest pension could see their apartment rise in value above that threshold and suddenly face unaffordable levies, forcing them to sell their home to come up with the money. That was indeed a problem, and it explained why European wealth taxes were bedeviled by exemptions. But this had little relevance for Americans with upward of $50 million.
