Important context is that this policy only applies to individuals with over $100 million in net worth.  A lot of ignoramuses point at that figure and say “no one needs that much money, therefore we should take it from them”.

What would happen if this policy were implemented?  Anyone with over $100 million in wealth would either:
1. Watch their capital in excess of $100 million be destroyed over the next several years.
2. Leave the country

People don’t realize that capital seized by the state rarely is redistributed in an effective manner.  It is best approximated that that capital is destroyed.