In theory, a wealth tax is a perfect tax because it's a tax that incurs minimal deadweight loss. This is why lots of economists are proponents of land value tax

In theory, a wealth tax is a perfect tax because it's a tax that incurs minimal deadweight loss. This is why lots of economists are proponents of land value taxes. The problem is that any sort of wealth that isn't tied to land or a commodity is completely subjective, so the ultra rich will always be able to find some loophole to any practical application of a wealth tax.