The vast majority of people in America are already doing this, because their wealth is entirely derived from their income. Your complaint isn't relevant to the discussion of wealth vs income taxes.
Derived is not the same thing. Not even close.
Then why stop at 1%? Why not fork over half of your possessions to the government every year and let them spend it for you, if you trust them so much?
And by the way we already have a wealth tax. Its called inflation.
Aka put your wealth at risk or watch it disappear.
And the larger point is that runaway govt spending makes it disappear faster.