Well, it's not round-about, it's actually a lot more straight-forward. There would be no forms to fill out, no tax-dodgers, and everyone would be taxed a flat percentage of their total wealth. You couldn't even hide your dollars offshore unless you actually converted to a different currency -- and even then the inflationary nature of the dollar would be reflected in the exchange rate. So, really no one who owns dollars could escape the tax. Even China's currency reserves would get taxed. The simplicity and universality is the only good part about it.
