No, it's called rule OF law. Not rule BY law. We create a law, like property rights, and we work within that framework. We don't suddenly decide that property rights don't matter any more because someone happens to have stuff we particularly want to take. That's how dictatorships work.
It would seem quite an essential liberty for a democratic polity to be able to impose this thing called "taxes". I suppose it's up to you to decide whether that is compatible with the rule of law and property rights.
We already have taxes, the vast majority of which are paid by the wealthy. Taxes are not a cap on allowable net worth. That is a different thing altogether. That is economic suicide.
Most of the rah rah billionaires shouldn't be allowed people are just proposing a wealth tax from what I've been told. If I'm wrong I'm open to hearing about it.