Rossmann's point about the income tax introduction is most relevant. When it was introduced over a 100 years ago, it was for the filthy rich who had to pay a shocking single-digit-per-cent income tax! So, the top 5% paid it. Today, the middle class carries that burden and the rich basically have zero "taxable" income.
The wealth tax will play out the same way. The upper middle class -- teachers, professors, lawyers, doctors, OG bitcoin owners -- will be crushed under this new tax while the ultra-rich who have over $100 million+ will utilize their armies of lawyers and accountants to move their cash outside or simply have it not count as wealth thanks to the rules cooked up by friendly politicians.