IRS doesn’t track wealth because its too difficult- plan massively increases administrative burden

(Frances, State Government Affairs Associate at Citizens Against Government Waste https://www.cagw.org/thewastewatcher/wealth-tax-will-slow-down-economic-growth , 5-10)

According to the Manhattan Institute, wealth taxes are the least desirable form of revenue stream because wealth is too difficult to measure. Even though the federal government taxes income, the Internal Revenue Service does not keep track of wealth. Privately held companies that are not traded on the stock market also cannot not have their wealth values determined, as they are not required to report to stock owners. It is also difficult to measure wealth value since “financial assets can be hidden or moved abroad with the click of a mouse or converted into other assets.” Imposing a wealth tax will drive out the wealthiest individuals and large companies that pay the most in taxes. It will not resolve income inequality or reduce budget deficits. States should instead cut waste, fraud, abuse, and mismanagement from their budgets, which is a much more effective way to provide needed services to their inhabitants.