I don't want to go extreme at all; centralising economies has the worst track record of starvation and killing in all of history. I'm just wondering what the plan was :)
Taxing wealth is not relatively minor. It is the way to transfer ownership of companies to the government.
Take most rich people; their wealth is generally in assets like land, or in investments. If you gradually move their company ownership and land ownership to the government, what do you get?
An incentive for the wealthy to split their companies up and sell them off, rather than creating giant megacorps with outsize impact on consumers and society?