That has the same impact as other, similarly radical solutions. In the best case the rich will just remove as much of their property from the country as possible. They might keep a villa or two, some cars, and some pocket money, but the majority of their income will be out of reach of the taxman.

Or they might just rent everything they need from a local branch of a company and pay a branch in another country, and the two interact via crypto. Or indirectly via remittances as there will be a market for asking low-income people to transfer money on behalf of rich people, as transactions of low-income people would probably not be taxed.