Are Additional Real Estate Taxes the Answer?

I read that Chicago is considering a "Mansion Tax" that begins with homes that sell in excess of one million dollars. The theory is that the tax proceeds will help defer the cost to provide housing for the homeless.

Millionaires and billionaires are fleeing Chicago as it is. Additional taxes typically hurt the revenue outlook because the wealthy flee. New York and New Jersey have seen this a lot as has California.

As an example of the Chicago Mansion tax, a home selling for $5 million would see an additional $150,000 in Mansion taxes.  Prices in desirable Chicago neighborhoods are already dropping. Great idea to create downward pressure on already distressed real estate markets!!

Alvin Lee of Ten Years After wrote a song entitled "I'd Love to Change the World". The lyrics include, "tax the rich, feed the poor, 'til there is no, rich no more".  Governments do not understand this concept.  The Mansion Tax can cause wealthy taxpayers to leave and tax revenue DECREASE. This is happening en masse in NY, NJ, CA, IL and other states.  

This also applies to the wealth taxes that some are in love with. However, wealth taxes have failed every time.

I left New Jersey when my state taxes became a burden and my property taxes rose to $27,500/yr.  This was 2008!!!!!! Over $2,000/mo. just in real estate TAXES and I had no children in the school system. Sixty One percent of my tax bill went to the school systems.