Income Tax — well, you need a Constitutional Amendment for that.
Wealth Tax — Hey, knock yourself out! Just go to town on that one! Yee Haaa!
Without a basis of establishing the actual expense and the appreciable value of the asset there’s no logical way to apply a tax to an asset such as a house car etc.
This is a state tax in NY.
I think it would require an amendment to impose it at a Federal level.
Anyway, New Yorkers getting what they voted for.