I agree it should be progressive. But to me, the point is not to tax normal people who have worked hard and saved up some money. Many, if not most people will save up $500k over the course of their lives. That's not wealth, thats just a financially responsible person, it's one paid off modest house. These people already pay half their salary in tax every year, they are already severely taxed we don't need to tax them more. In fact I think normal people should be taxed less, even relatively high earners like medical doctors for example.

The point of wealth tax, to me, is to tax the obscenely wealthy people. Those few who are worth more than the entire rest of the population combined, while also basically not paying any tax at all despite their fortunes growing by millions or billions every year.

I actually think it would be reasonable to essentially put a "soft cap" on wealth. Like if you're worth several hundred million dollars you literally can't grow your fortune any more because you're just gaining as much as you pay in tax. Instead of one guy owning multiple companies worth billions of dollars he would have to sell shares to pay his taxes, and now many people own the companies instead. This prevents one person from amassing too much wealth and power.