Well, I'd wager most of the people who are advocating for the wealth tax have already felt economic disaster. Many economic disasters.

During the dot-com bust, my 401k was cut in half. How is that for a wealth tax?

Cut in half again during the great recession of 2008. How is that for a wealth tax?

Dipped during COVID. Another wealth tax.

Inflation went up when Trump applied the first round of tariffs. Inflation is the ultimate wealth tax.

Went up again when he invaded Iran. Another round of wealth tax.

I saw him in a video saying that he had to sign the "memorandum of understanding" because if he didn't there would be a world-wide depression. So I'm bracing for another round of wealth taxes.

Taxation permanently reduces your assets and acts as a very heavy brake on compounding.

Asset fluctuations have little similarity with taxation... Did you sell low, or did your investments eventually recover value?

But, once you retire and start drawdowns, then the fluctuations start to matter because you are doing the opposite of dollar cost averaging.