That doesn't make sense, why would that be the case? Wealth taxes can be yearly just like income tax. Lets explain it this way. Let's say I'm rich. I have 5 million in a trust that I live off of. Every year I draw down 3%, about 150,000, and that is what I live on for the year. At most and assuming my tax guy is a total idiot, I pay 15% capitol gains tax or about $22,500 for the year. Now lets say I'm upper middle class and I earn that 150,000 in my job. I'm paying about 28% of that in taxes, even if I've managed to property caffeinate my tax guy. That's $42,000 for the year. The burden of taxes for the person still working is much, much higher then the rich guy. Many wealthy people I know don't pay taxes as they are able to keep their reported income below 20k. Edited for typosWe can plan on taxing income every year, but we can only tax a dollar of wealth once, then it's not available in following years.
Taxing that doesn't even come close to the tax burden we put on the middle class.