Undue† wealth inequality is tied to the sort of rent-seeking that this tax will enable. Given the inordinate ways to classify and exempt movable property from a wealth tax (even greater than the existing insanity in income taxes), it is essentially inevitable that this will invite more lobbying and corruption, net more rent-seeking, and compound existing inequality.
† vs. inevitable/natural wealth inequality, associated with real disparities in productivity and the nature of sampling individuals on a widening curve
This is sadly true, but we have to fix our libertine taxing authority and corporate law in any case. These are assets that are not adding to overall societal welfare, so I would rather criminalize and tax the thing society needs to change rather than the gains to productivity being taxed in the current system.
† vs. inevitable/natural wealth inequality, associated with real disparities in productivity and the nature of sampling individuals on a widening curve