That's very reductive. You should know that the Federal Income Tax that was first collected in 1913 had a top bracket of 7%. Today, the minimum bracket is 10% and the average middle class citizen pays around 12-18% of their income to the IRS.
So sure, the wealth tax would only be on "the rich" when it first starts out but I guarantee you the middle class will be hit by it eventually.
So sure, the wealth tax would only be on "the rich" when it first starts out but I guarantee you the middle class will be hit by it eventually.