Income tax is already an administrative burden on every single taxpayer, and it works fine.
Do you imagine that people don't already track and value their vehicles and homes and other high value material wealth? That strikes me as unusual.
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...
As such, I wouldn't call it a failure. France remains one of the richest countries in the world.
It seems to be presented here in such a way solely to critique Elizabeth Warren's politics.
Multi-millionaires who are motivated to leave over such a small percentage of their wealth don't strike me as people who are [good for/investing in] the local economy, anyway.