An important point here would the magnitude of those effects: how much a 1% wealth tax would reduce wealth creation? Whether it is by .0000001% or by 99%, it would be "incentives to create less wealth" but in the former case it is all but negligible and in the latter case it is a catastrophe.

Capital tax opponents seem to always use the elasticity of wealth creation with respect to the wealth tax rate is extremely high, but I do not remember seeing any evidence on this.