From the Document: "The idea of imposing a tax on individual wealth has appeared in policy debates with increasing frequency. Proponents of a wealth tax have primarily argued that such a tax would achieve three objectives. First, a wealth tax would mitigate rising wealth inequality. Second, the tax would raise significant revenue that could be used to address debt and deficit concerns, and fund a variety of social policies. Finally, the tax could capture some income sources that currently are not taxed (e.g., unrealized capital gains or types of imputed income). This In Focus presents an economic perspective on wealth taxes. Because no federal wealth tax currently exists, the discussion in this In Focus is primarily in terms of 'a general wealth tax.' Designing such a tax would require careful consideration about a number of specific issues. Where appropriate, the discussion highlights specific points of consideration."
CRS In Focus, IF11823
Congressional Research Service: https://crsreports.congress.gov/