As has happened in nearly every European state with wealth taxes. But the elephant in the room is that these policies give the same ineffective, corrupt and entirely worthless politicians even more money to "manage". The very definition of delusional wishful thinking.
this is the key fact. If a wealth tax were enacted and a responsible group were endowed with the money we might reap some value from a wealth tax. Giving American Politicians more tax money is like giving a heroine addict more heroine.