Has anyone asked how imposing a wealth tax would actually works? Seems to me the sudden asset sales required to raise the funds to pay that tax will be a problem, as you need wealthy people to buy what you need to sell, but they also need to sell for the same reason. So asset values immediately drop.
There would be no “sudden” asset sales since billionaires have lots of ways to generate cash over time if they have a known tax liability.
Some of their assets such as art or other “hobbies” have international markets as well.
But—as a practical matter there will be very few wealthy folks who would ever pay such a tax.
They didn’t get wealthy by being sitting ducks for local tax officials.