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
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