I agree, are people going to have get annual housing and art/car/watch collection appraisals? What if they disagree with the appraisal value? Is the IRS going to arbitrate the dispute? How long would that take? Could they sell those assets to a shell corp outside the US, and lease it back to themselves?

I'm not saying there shouldn't be a wealth tax, but there is a right way and a wrong way to do it. I don't know which one is right, but some of the ones being proposed simply aren't realistic? I'd more interesting in closing existing loopholes and funding the IRS to actually catch tax evaders, which is estimated to cost the US billions a year in potential revenue.