If the end game is to really soak the rich then why not try to pass some amendment that allows taxation of property?
If property is subject to siezure if over some arbitrary value, will any piece of property be worth that value? I know I wouldn't pay for something that would be taken away from me. Nor would I produce anything beyond my needs for survival, which means persaonal consumption.
There would be no incentive to accumulate capital and invest it. Who would manufacture products without capital to invest? All eceonomies of scale would be lost. Who would design new products and innovations if they could not benefit from doing so?