Inheritance tax also taxes wealth, but it does so rarely and again the rich tend to find ways to avoid this.
The problem with many "wealth" taxes is that they end up missing the top 1% and hurting the people who are building a business.
Eg inheritance tax does a fantastic job of just screwing over family businesses that on paper are worth say $7mm+ because on paper the kids who inherit the business now owe taxes on maybe $2mm (I think the first $5mm is tax free w/ inheritance), but selling any of the business to pay the taxes would often destroy the business.
And I'm not talking about massive businesses like Walmart - I mean businesses like a large-ish family farm where just the land, equipment, animals, etc are all worth $7mm+ on paper, even if the farm doesn't produce massive profits.
