I know I've said that we shouldn't do public policy by taxes but taxing wealth instead of income probably isn't easy. We can tax income because one person's income is another person's expense if I understand how this works.
Reminds me of annecdote of old tax policies on things like silverware and the difficulty in believing and searches from one austere preacher who anomalously for his station didn't own a single set. And others like the tax on windows which lead to boarding up of windows in slums and became derided as a tax on light and air.
The answer seems to be that how well it works varies heavily on what the asset.
I know I've said that we shouldn't do public policy by taxes but taxing wealth instead of income probably isn't easy. We can tax income because one person's income is another person's expense if I understand how this works.