I don't think that matches reality. Wealth tax is supposedly for the rich, people with high assets already -- not the everyday taxpayer. Getting Joe or Susan to itemize their assets and report it yearly (including depreciation) seems like a lot of extra work -- albeit perhaps you already have to do this for insurance purposes for some house items, not sure, I am Canadian.

I just did some quick research and it looks like the tax failed in Europe [0]. Thousands of millionaires in France just left the country and eventually it was just axed and declared a failure.

Which seems interesting -- the measure of success of a wealth tax seems to be how many rich people stay.

[0] https://www.npr.org/sections/money/2019/02/26/698057356/if-a...