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Funny thing is, I don't even think this is as much of an "equalizer" as we think it is. I mean, it comes down to subsistence...cost of living.
A person on the poverty line who loses 5% of their yearly income will be losing money that would have been used specifically to pay the rent and purchase groceries and simply get by. A multi-millionaire has already met their basic cost of living many times over. 5% is certainly 5% less than can be invested (or enjoyed) that year but it won't stop the upward momentum of an intelligent investors fortunes and it certainly won't send them to the soup kitchen. It's certainly more of a hit than the equivalent of the poor person's 5% but it just simply isn't going to have the same impact on lifestyle.
I think in the end, the only people who think this is a real "gotcha" idea are the middle class who don't see money the same way as either the very rich or very poor see money.
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