Taxing assets should be opposed at the conceptual level.

How about property taxes?

Also, depending on how it is done, I just generally don't agree here. The whole point is to capture revenue on multi-generational wealth that likely will never be realized. Some folks are just so rich they don't have to touch the principal, and as it gets passed down it enjoys various exemptions (like stepped-up basis). Getting those people to pay a fair share is tricky under those circumstances, but we need to figure it out. After all, they made their fortunes utilizing the benefits of America (e.g. infrastructure, rule of law, educated workers, etc). They should pay a fair share.

Off-hand, I would eliminate the stepped-up basis (even though I get to take advantage of it since 1poormom died last year). Actually...let me restate that. There should be a stepped-up basis, and taxes should be owed on the difference between the old and the new basis. THAT is probably the most fair way to get some taxes from that accumulated wealth. Off the top of my head.