A person's net worth can legally decrease in a puff of paperwork. It's a simple matter to write a promissory note that (for one of a variety of practical reasons) probably will never be acted upon. Art pieces can have a value that's hard to determine too. Wealth per se is very slippery, subject to debate, and is thus not usually a good candidate for something to be taxed directly.
I think we should target passive income tax increases instead. Passive income should include any income generated because you own something. Governments already tax dividends and capital gains from stock purchases. Usually, passive income is taxed at a lower rate than wages; in Canada capital gains are taxed at 50% of the rate of wages.
I'm in favour of the capitalist system where there's an incentive for companies to form to provide services the consumer wants. It's an efficient way to run the economy. However, I join with the French economist Thomas Piketty who says it's a bad idea if passive income is so lucrative that wealth inequality is expected to grow exponentially. If wealth inequality does grow exponentially, then the $10 my great grandfather stole from your great-grandfather may have a significant impact on the relative well-being of my grandkids versus yours. I would much rather a world where historical injustices are expected to slowly melt away, rather than exponentially increase their present-day implications.
It's possible to have our capitalist cake and eat it too with a frosting of equality; we just need to increase the taxes on passive income and decrease the taxes on wages. Thomas Piketty suggests we increase capital gain and dividend taxes until the expected return on investments after taxes is slightly less than the expected increase in GDP. If we put a lot of these extra capital gain and dividend taxes towards decreasing taxes on wages, then folks will have more to spend and it's likely the economy will grow faster.
I'm worried that the rich have set up a system that permanently enshrines them with exponentially increasing shares of the global wealth, while the poor are not savvy in what they're requesting. It's clearly feasible to tax passive income; wealth is a harder target. If you (like me) want a little more global equality delivered by a workable plan, please consider shifting the target of your chants from "Tax the Rich" to "Increase Taxes on Capital Gains and Dividends;" much less pithy, but also much scarier to the wealthy because it's so much more plausible to implement.
PS.I think these changes should be implemented gradually, as in phased in over the course of 10 or 20 years. That leaves lots of time for estate planning, for imperfect international coordination, and for plugging any loopholes that come up.
PPS I also think real estate tax advantages (capital gains exemptions or tax-deductible mortgage interest) should be slowly phased out. It's not possible for a primary residence to be both a fantastically good investment and also something that's eminently affordable - the former requires that a house is a fantastic investment, the latter requires that a house not appreciate too much.