That will disincentivise investment and encourage consumption and emigration once you've made your pile.

that's very socialist approach - excessive taxation on everything only gives rises to tax havens for wealthy ones. who would be targeted is not truly wealthy, but say upper middle class which isn't rich enough to use these kind of services, they are the ones spending most on services, which keep blue collar jobs, like it or not. This layer of citizens is necessary for healthy function of any society. If you strive to destroy them via excessive taxation (ie move them to low middle class over time), you are hurting economy in long run.

Don't forget truly rich have plenty of completely legal companies that advise them how to 'optimize' their taxes. Companies smarter and better equipped than your average lawmaker. I mean look at the presidential candidates - obviously both are doing it. Everybody rich is doing it.

What kind of wealth is currently untaxed?

Stocks or bonds => income tax + capital gains tax

Real estate => property taxes + capital gains tax

Cash => taxed by inflation

Metals => capital gains tax