You would need an army of IRS appraisers to calculate “wealth” especially for the wealthy individuals that have money in non liquid assets like private homes, farms, art, factories, oil wells, etc. And they would be forced to sell assets every year to produce the cash the government demands.
“private homes, farms, art, factories, oil wells”
All those except for art are now usually subject to ad valorum taxation.
Types of art could be made subject to taxation, such as art works purchased for over $10,000 as adjusted for inflation, or meeting the listing requirements established by law or regulation (that might require say all paintings by certain French Impressionists be listed).
Pictures of the art might have to be posted on an IRS website as per regulations prescribed by the Commissioner of the IRS and values declared.
If you declare an picture is worth $20,000 and someone says it is worth $50,000, then you might have to pay a fine of say 10% (plus a 10% finder’s fee payable to that someone) (plus the tax) on the $30,000 or sell the picture to that person for $50,000 and pay the tax on the $30,000 difference.
That someone might have to post a bond of $3,000 to ensure their claim is serious.
The fine and finder’s fee might be reduced to 2% each for people over age 75.
“You would need an army of IRS appraisers to calculate “wealth” especially for the wealthy individuals that have money in non liquid assets like private homes, farms, art, factories, oil wells, etc. And they would be forced to sell assets every year to produce the cash the government demands.”
I wish I never had to make a call to a stockbroker.