America's total household net worth (THHNW) is over $85 trillion, & public and private debt is near 18 trillion. By enacting a 6% annual tax on THHNW, we could & should get rid of income tax, balance the budget, &, within 10 years, eliminate all debt.
Old people with no income but high net worth from a life time of hard work, would be forced to sell their houses and live on the street
There would still be social security, so the elderly would be doing alright. It would really only have a negative impact on their heirs, which would be good for society, since "being born lucky" has never been a solid justification for wealth and power. After the debt is paid, it would fall to 4%.
The childern of the rich benefit from thier parent's money most while thier parents are still alive. Through private schools, internships and higher education. Not through large inheritances when the parents die.
The public debt is in the form of Government bonds which pay less than 6% interest. Taxing ownership of those bonds effectivly lowers thier value and would cause the interest rate and hence total government debt, to increase