This tax would affect people proportionally to the benefit they receive from the government providing law and order. It would also help prevent the accumulation of wealth, which is dangerous to a functional democracy. The 1% level is less than typical real property tax assessments and about what a managed mutual fund charges. This tax should raise about $500B/year.
To keep bookkeeping to a minimum only items with easily calculated value (market securities, real property, business ownership, ...) or registered personal property (boats, planes, cars, ) would pay annually. Other items (artwork, jewelry, coins,...) would pay retro-actively upon sale or transfer.
The constitution allows for taxes on income, imports (duties), and any tax that is proportionally applied to the states.