You're thinking of income tax. Wealth tax is a tax on, well, wealth, rather than just on what you earn. I don't think any US jurisdiction currently has a wealth tax.
Actually I think Zohrans policy is the same as the one enacted in Massachussetss in 2022, the 'millionaires tax'. Its provided 2 billion to the state and theres still more millionaires in the state than there was when it was implemented. I hope we do this in NYC!