I'd much rather there be a pre-tax on loans rather than a wealth tax to prevent premature liquidation. The former makes sense: if you borrow money, you should pre-pay the tax you would pay once you pay off the loan, or at least some fixed minimum percent that can raised or lower at the time the loan is paid off. And get rid of the stupid step up in basis on death.

A wealth tax on unrealized assets is going to create huge distortions in the economy, there are other ways we can fix this.