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From https://www.economicshelp.org/blog/218017/economics/wealth-tax-pros-cons/
Cons of a Wealth Tax Difficult and costly to administer Valuing assets—especially private businesses, art, land, intellectual property or complex portfolios—creates high administrative burdens and legal disputes. This is a major reason many countries abolished their wealth taxes. Capital flight / avoidance High-net-worth individuals may move assets abroad, change tax residency, restructure ownership or exploit legal loopholes. This could significantly reduce expected revenue. Liquidity issues Wealth is not the same as cash flow. Someone with a valuable home but low income may struggle to pay an annual wealth tax. This raises fairness and practicality concerns (“asset rich, cash poor”). Potential impact on investment A tax on wealth reduces the net return to saving and investing. Critics argue it could discourage entrepreneurship, risk-taking and long-term investment if not designed carefully. Double taxation concerns Assets have often already been subject to income tax, corporation tax, capital gains tax or inheritance tax. A wealth tax may be viewed as taxing the same money multiple times. Limited success internationally Many European countries (e.g., France, Sweden, Germany, Denmark) scrapped wealth taxes because they raised little revenue relative to their administrative and economic costs. Only a few (Norway, Spain, Switzerland) still use them, often with significant exemptions and little revenue raised (e.g. Spain just €3bn).
Ya a wealth tax is a horrible idea. I preferred the Donald Trump method of nationalizing 10 to 30% of the corporation.