Wealth taxes have often been ineffective in other countries where they’ve been tried, since they’re very hard and expensive to administer. Something like a land value tax is much much simpler to collect and produces significantly better economic incentives. Wealth taxes incentivize you to offshore as many assets as possible, while land value takes incentivize you to use land as productively as possible since you can’t exactly hide a chunk of real estate in Switzerland.

That aside though, any kind of asset-based tax is constitutionally questionable and would absolutely be litigated to the Supreme Court, where I wouldn’t exactly want to place any bets on that outcome right now.