“would require over 100 years to wipe out the entire wealth.”
The original income tax was a 1% tax on the top 2 or 5% of incomes. It has gone up a little since then.
And if your 1% tax took 100 or 150 years to eliminate wealth, then what do you do? What do you tax next?
99% of “successful” Billionaires make a lot more than 1% on their capital. So rest assured that small a tax will not cause decimation of capital formation. The middle class is already stretched thin to breaking point. We can’t increase their taxes.