All of the serious wealth tax proposals I've seen have a rather high floor. A more practical hypothetical would be a person with 10m other assets worrying being taxed on the gains from their 5th vacation home.
This hasn't stopped people from complaining about things. My grandparents are constantly complaining about how the inheritance tax is going to prevent them from willing their timeshares to the family. Even if we show them the IRS website they don't believe us when we say it doesn't kick in below $12m.
I've encountered similar cases, though nothing that drastic, and it baffles me. There are plenty of real problems to complain about with the government, why do people go around inventing fake ones?
