Wealth taxes have three big problems:

The rich can move, and if they move, they take their talents, productivity, income, wealth, and tax paying with them, reducing them in the places they leave and boosting them in the places they go to; they are difficult to implement (for reasons you probably know and don’t want me to digress into because this note is already too long); and they take money away from the investments that finance the productivity-gaining activities to give it to the government under the unlikely assumption that they will handle it well to make those in the bottom 60% productive and prosperous.

For these reasons, I would much prefer to see a tolerable tax (e.g., a 5-10% tax) on unrealized capital gains. But that’s another subject for another time.