Thanks for your comment, Tim.

One or two problems occur to me.

1. “Trust — but verify.” How do we know if someone “accurately” reported their wealth? What if it’s owned by a trust or family limited partnership or an offshore corporation with no ties to the United States? The property might be here, but the legal right to its ownership is beyond the reach of the U.S. government. What will you do then?
2. How will you “confiscate” wealth whose ownership is outside of U.S. jurisdiction.