How does the government determine how much your assets are worth every year? Sounds impossible to me. Are they using your property tax appraisal from your county? What about your cars? Do they use the blue book value?

Won’t it making taxes more complicated by having a wealth tax? Isn’t it easier to have fewer loopholes on income tax and have a better estate (death) tax system. The estate tax exemption is so high now that less than 1% of people pay any federal estate taxes.