Just throwing some thoughts out here. Wealth and income need to be broadly distributed to create somewhat equal power dynamics between people and communities. If the market is not creating that type of outcome government has stepped in through taxation and spending to mitigate this imbalance somewhat. If you want a smaller government more people need more wealth and income so they don’t need government services and can do it themselves.

Wealth taxes are great in theory but tough to implement. The value of large pools of assets can be easily reduced by marketability and liquidity discounts. See the real estate industry. I’d like to see wealth taxes work but I think having value accrue to people over capital is a better approach.