What’s funny is youre describing the only wealth tax in common practice in the US - property taxes. The point of wealth taxes (see Texas real estate prices) is

What’s funny is youre describing the only wealth tax in common practice in the US - property taxes. The point of wealth taxes (see Texas real estate prices) is to disincentivize rapid asset appreciation. Texas and California are different in many ways and this is the main one (California income tax vs Texas real estate tax). California showed (shows) that income taxes only sort of disincentivize inequality, whereas Texas shows wealth taxes very much disincentivize inequality, so much so that the government has to actively lobby to get truly high paying jobs there.