Wealth taxes are legitimately terrible. The only thing they will really hurt is the upper middle class. Most billionaires have their wealth tied up in unrealized gains for exactly this reason, to avoid taxes. Wealth taxes that target the upper middle class only really serve to reduce the class of the common people. It hurts people in high cost of living areas more.

A better system is,

Get rid of fiat currencies, and state currencies in general. Have metal coins with fixed weights. This will fix the economy and Improve it after an initial economic collapse as the bubbles pop. It will force the state to balance the budget and get rid of economic instability and Inflation so long as we export the same value as we import.

Create a public healthcare system to provide basic coverage alongside the private system. Don't make it too expensive but provide basic care, and also pain treatment to people at the end of life. Subsidize competition in domestic drug markets to achieve low costs on drugs and use eminent domain to buy some patents.

With the hard currency you can have self funded unemployment insurance and pensions, and disability can be a separate program funded by income taxes.

Make business sales, and income tax the same, so if people vote to raise or lower taxes, it affects everyone equally. A better system would be to automatically generate the tax rate based on what voters vote for and get rid of state debt period. People have no right to be putting their children in debt to pay for their excessive lifestyles anyways.

Without fiat currencies, there wouldn't really be billionaires in the first place. There would be plenty of rich people, just not 10,000x richer than the average person.

Unfortunately voters vote for terrible things, for the past 25+ years in America, voters have consistently voted for mass surveillance, expanding executive power, expanding the police state, adding more laws to the books, inflation, corporate loopholes, and unlimited private anonymous money to fund political campaigns. It really starts with the voters first. They will have to learn to stop voting for trash politicians.