Why not base taxes on assets rather than income?

Question

It seems that a major function of government is to protect the assets of the people and the environment that provides that security and free market capitalism.

Why not base taxes on assets rather than income? Taxing income is penalizing industrious hard work, while taxing assets would encourage a stewardship towards one's assets.

Answer 1

Wouldn't that mean you'd have to sell your stuff? I don't see how that'd work...