Leaving aside the fact that your plan is to punish success, destroy incentive, and force people who are successful to hide their money ... taxing "wealth" is such a capricious activity that it, even more than the current system, is essentially designed to be divisive. As it stands, the wealthy people pay the vast majority of the income taxes, and the poorer HALF of the country pays essentially no income tax at all. You're proposing that every year you take away some of a successful person's assets until they are as poor as the lower half, right? Or would you just keep taking some of everyone's assets, every year, until nobody has anything left?
Your goal, rather than doing any of the things that actually create prosperity, is to simply tear down anything successful in the name of resentment. Which also happens to kill the goose laying the golden tax revenue egg that currently pays the bills.