Currently, the total wealth of the US is somewhere around $100 Trillion. If we abandoned income tax for wealth tax (say 10% flat tax), everyone would get a check for ~$30,000 to ~$35,000, a year (2014). This would stimulate GDP growth and thereby increase future national wealth.

The challenge, of course, would be the logistics of taxing wealth over income. But, we'd be reducing the operational cost and size of government significantly, so we could afford the additional logistical costs.