Why not have a tax on total net wealth?

Hi William
I’m not ideologically opposed to a Wealth Tax, but …
No exemptions? I suppose it depends from which end you come from.

All assets minus liabilities as the rule would then require you to value not only the obvious house, but artworks, the car, the furniture, your shareholdings, the computer I’m writing this on, and so on. The coffee mug I’m drinking from?

Or from the other end and saying you pay a Wealth Tax on: – land & buildings, investments, artwork, collectibles …

The first method you’re forced into providing an exemption for anything under a certain value otherwise it’s unworkable.
The second method gives exemption to categories not included. Once people learn a category is exempt then you’re at risk of seeing an asset bubble as people move to hide some wealth.