What I dislike most about a wealth tax, is that it will become a game of whack-a-mole, as wealth is moved into various assets in an attempt to avoid the tax. Can you take a percentage of fine art? Should I pay to keep that painting, and when and who values it?
A simple progressive tax on all income would be great. Pay nothing if you make little, pay a lot if you make a lot, no matter how you make it.