Why not have a tax on total net wealth?

Why not have a tax on total net wealth?

We tax income and consumption, but not wealth. A wealth tax, imposed unviversally without exemptions, would seem to me to be simpler and fairer. It would help reducing the gap between the top and lower economic strata. Many wealthy individuals at present quite legitimately pay little tax by careful tax planning. A net asset tax of say 0.5% per annum ($5,000 per $1,000,0000) seem reasonable to me. What are the arguments against doing this?

Official response from completed

This will answer your question http://www.top.org.nz/do_these_taxes_exist_overseas_how_do_other_countries_deal_with_this_problem

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