> What is the evidence for it working otherwise? Every Country that has tried Wealth Tax has rolled it back.

Both Norway and Switzerland has a wealth tax still. The only reason other countries rolled it back was just a bidding war for perceived investments, in other words tragedy of the commons.

> It is not a capital gains tax (which already exists). Wealth tax is a tax on unrealized gains. It definitely leads to erosion of stock value.

If you're holding stocks that never increase in value, I don't think this is a credible assumption.

> You have just encountered a classic Catch-22 here. Without income, you cannot pay tax. Without paying tax, you have no revenue and hence no income.

No, I'm indicating that the avoidance of an income is specifically to avoid tax, not because of an inability to produce an income.