I think the wealth tax would be hard to get satisfactorily right. Either too little to feel like 'justice' or too much and you have people losing controlling interest in a company despite never really wanting it to get valued that much and never wanting to sell it.

Also, I think if you are head of a private company, you have a lot more 'invisible wealth' than the head of a public company, so there's opportunity for a tax dodge through making your company private.

I like the idea of treating leveraging assets to actually have something spendable as income.