Lots of significant issues with this.
1. Unconstitutional. nothing in the constitution allows for this tax.
2. How will the government know who has such wealth? Just think of the massive bureaucracy that will need to be create, the rules and processes to be created to assess the value of each asset, the forms required,. If made law, every single person will have to fill out and submit a complete net worth financial statement to the government, completely documented and valued per their rules.
3. Once enacted, it will quickly apply to everyone with 100k or less in assets, because 1) the government will now possess everyone single person’s complete financial statement 2) they will then have the authority to confiscate as much wealth as they want 3) just look at the income tax as first passed and now reality as your guide.
“Unconstitutional. nothing in the constitution allows for this tax.”
It’s possible to comply with the constitutional capitation proportionality limitation (if still in effect in the face of Amendment XVI, to which it is not compatible with) by setting higher wealth tax rates for poorer states and then allowing a full income tax credit for the higher wealth tax rate amounts.
Mississippi rich folks would pay a higher wealth tax rate on April 14th and have the excess (and maybe a bit more) credited to their April 15th income tax amount.