For the really rich, I agree about the usefulness of taxing wealth.
The problem is that such a tax must be strongly progressive, or it may affect the poor much more than the rich.
For instance, I have seen cases in some countries, where after the discussions about the usefulness of such taxes for wealth, the result was the establishing of some high taxes on property, whose only effects were that e.g. someone who were jobless for some time might be forced to sell their house, and for a disadvantageous price, for not having with what to pay the property tax, thus becoming both jobless and homeless, or someone poor who inherited a house might be forced to sell it for a disadvantageous price, for not being able to pay the inheritance tax.
The result of this kind of misguided tax was an even greater transfer of wealth from the poor to the rich.
The problem is that such a tax must be strongly progressive, or it may affect the poor much more than the rich.
For instance, I have seen cases in some countries, where after the discussions about the usefulness of such taxes for wealth, the result was the establishing of some high taxes on property, whose only effects were that e.g. someone who were jobless for some time might be forced to sell their house, and for a disadvantageous price, for not having with what to pay the property tax, thus becoming both jobless and homeless, or someone poor who inherited a house might be forced to sell it for a disadvantageous price, for not being able to pay the inheritance tax.
The result of this kind of misguided tax was an even greater transfer of wealth from the poor to the rich.