I think one common criticism of wealth taxes is that assessing these asset values can be gamed. When I'm donating my yacht to charity it's worth way more than when the government is assessing it for taxes
But there's other stupid crap you can waste money on that doesn't count as assets. Spaceship rides, political donations... Maybe you can sell your yacht to some yacht company and lease it back from them?
But there's other stupid crap you can waste money on that doesn't count as assets. Spaceship rides, political donations... Maybe you can sell your yacht to some yacht company and lease it back from them?