It’s not totally clear if it would be but here’s a summary: https://city-countyobserver.com/the-constitutionality-of-a-w...

>> what is unconstitutional about a wealth tax?

Article I, Section 9, Clause 4:

"No Capitation, or other direct, Tax shall be laid, unless in Proportion to the Census or Enumeration herein before directed to be taken"

A wealth tax is generally considered to be a direct tax. If you wanted to enact one at the federal level, my understanding is that it would have to be done in proportion to the census. So, given that Mississippi is around 1% of the total US population, Mississippi would have to pay 1% of the wealth tax. Mississippi is the poorest US state, so that would be a very regressive tax.

An income tax is also considered to be a direct tax, that's why it took an amendment to the Constitution to enact one.

The Constitution applies to taxes at the federal level, not state. States could enact a wealth tax the same way they enact property taxes now (depending on their state Constitutions). The problem for them is that wealth is a bit more mobile than property.

And yes there are arguments about what a direct tax really meant in the language at the time the Constitution was written, there are arguments that the income tax should have been legal without an amendment. But that's not how it went down.

I'm not a lawyer but my reasoning is this:

- as far as I know, double taxation by any given entity (Federal Gov) is unconstitutional

- a given dollar is taxed once as income. A federal wealth tax on the remainder of that dollar would be double taxation.

That does not prohibit the Federal Gov from taxing once, and your residential state from taxing you a second time.

There are other arguments about "direct taxation" I don't fully understand.

"Double taxation" is absolutely constitutional. Tons of things are double, triple, quadruple and more taxed.

I make a W2 salary. I pay federal income taxes on it. I pay FICA taxes on it. My employer pays payroll taxes on it. I might pay state income taxes on it. One event, tons of taxes. I take that quadruple taxed money and buy a dinner with a beer. Sales taxes on the overall sale, additional taxes on the alcohol, additional sales tax riders because I bought it in the touristy night life area. Triple taxes on my quadruple taxes, good lord! Unconstitutional!

Worthless phrase, "double taxation".