Just my opinion but I see this as leading to a depression. Who then manages those resources that were confiscated, many of which are likely the drivers of production (machines, mines, etc.) It would also place an imperative on the most creative to hide any assets they produce leading to a reduction in both the size and number of job producing enterprises.

I am not however, in anyway against a larger tax on the wealthy or at the very least the elimination of tax loop holes.