1% tax on all registered securities, payable in shares of those securities. The SEC just confiscates 1% of every position, and conveys them to an IRS liquidator. The liquidator sells them off in small lots over time, comprising no more than 1% of total traded shares. Securities with negative values are returned.

Once completely phased in, natural persons will be exempt on their first $10 million in registered securities. Corporate-owned securities will not be exempt: the are taxed from their first share.

We tax only the problematic portion of their wealth: their wealth-generating assets. We auction those assets off to the general public.