No, it doesn't fix the problem and it creates several others. That's the biggest problem with all of these quick-fix new tax ideas, the proponents never think them through.
1. What jurisdiction does one country have to tax assets held in another country?
2. Why wouldn't the country where the assets are located be the one to tax them?
3. How would you address the possibility of double-taxation?
4. How would you prevent the wealthy from shifting ownership of these assets to corporations or family trusts that are incorporated in that foreign country. Assets located in a foreign country, owned by an entity in the country would be taxed in that country.
