"Now, that is not to say that I want their wealth to be capped or politically reallocated." Why not? It's done for wages, why should wealth be any different? Besides the technicalities, which you are not talking about and therefore I will also not get into them, I don't see any ethical reason why wealth should not suffer the same biases that wage taxation does. This kind of opinion just perpetuates the imbalances in the current terrible lop-sided system we have.