Fatima,
You make some good general points, but the piece wold have been far, far better if you had backed it up with facts and stated case studies.
How many countries introduced wealth taxes, and what was the outcome that could be ascribed to the wealth tax imposition - name the countries and show the effects on GDP, Gini coefficient etc.

Secondly, the assumption that household nett assets correlate perfectly with income is flawed - there are many people that are assset rich but income poor (mainly pensioners with no realistic ability to generate income). Likewise there are many people that are income rich but asset poor - these are the "keep up with the Joneses" that might spend all their money on luxury German cars and overseas holidays, with zero savings.

Thirdly, taxing total assets and not nett assets is ridiculous - if two people each own a house with 1 million rand and each earn R15.000 per month, but one has a 100% bond, whislt the other has no bond, their ability to pay is..