The super rich don't have too much cash floating around like Scrooge McDuck. Most of their money is invested, so the tax will not affect them too much. It will only affect people that have some extra money, but not too much.

What if I just use my 1.000.000 to buy gold, and keep the gold and enjoy my free monthly 10.000? If I ever need some extra money, I can sell the gold. If a month I have some remainder money, I buy more gold.

More importantly, who would sold me the gold? It will be difficult to offload all the cash, and it will be hit by the monthly 1% discount. So people with gold will prefer something else, like dollars.

Interesting point how bitcoin is only anonymous up to a point. Thinking about privacy instead is maybe a good angle.

Really throws out decentralization if you have to verify identity.