Apart from being illegal constitutionally at the federal level, what does a wealth tax truly do?
1. Forces wealthy to liquidate assets. Impact: stock prices go down, real estate markets get excess supply floods, etc.
2. Forces income through taxable sales.
3. Theft
I fail to understand how taxing wealth is not stealing. Any time a wealthy person wants to utilize wealth to consume a product, someone somewhere is paying taxes on it. The closest that gets to not being true is when wealthy use their stock as collateral for loans and then get to take interest write offs, but the bank is still going to pay income tax on the interest income they receive.
Wealth means nothing until it is utilized, and all ways in which it's utilized are taxed.