Taxing wealth is the moronic idea. What a wonderful way to absolutely destroy any incentive to save. Give everyone's life savings to the governmentto redistribute to their friends. I only used the word "moronic" because the english language doesn't have a word adequate to express just how idiotic this idea is
That’s what the (huge) exemption is for and why that would be part of a hard to change Amendment.
But the overall point is decent.