I'm not sure I understand what your proposal is but the answer to your question of "why wealth tax", the answer is pretty much because it's simple to convey and

I'm not sure I understand what your proposal is but the answer to your question of "why wealth tax", the answer is pretty much because it's simple to convey and rally behind. Deficit spending (or straight up "money printing") could provide benefits to those who need it without taxation, but decades of political obsession over "how are we gonna pay for it" means that people feel better if a policy of "buy X" is followed by "while taking money from Y to pay for it" For Republicans, the Y is some nefarious unnamed government bloat or waste, but never military. Most recently it's food stamps, and as I understand it there's a lot of hungry gazes staring at social security and medicaid. For Democrats, the Y is some nefarious wealthy entity, either Big Corporations or The Rich. So, ambitious far left proposals involve taxing wealth, adding very high marginal tax rates at the top, and taxing corporations and investment vehicles. This is often silly for obvious reasons. For example, Bernie suggests taxing stock transactions, bond trades, and derivatives transactions, by a (low) percentage, which sounds insane personally. But that stocks and derivatives sounds like Evil Wall Street Bullshit to some voters so they eat it up.