Exactly. A middle class person doesn't cry wolf that he needs to sell a portion of his house to pay the property tax, while the rich do. For example, Bezos owns 10% of Amazon voting shares would pay 0.1% per year in the form of a lien (or a loan) that lets him retain voting rights, but takes the tax when he sells or transfers his wealth (e.g. to heirs). If capital taxes existed, the rich wouldn't be able to lazily sit in the sp500 index, they would have to chase good investments (they'd have to, God forbid, take risks and do some work).