The people that have more than 90% of the accumulated wealth pay less than 1% on the passive earnings of that wealth. Their holdings are mostly untaxable under the laws of any nation, and they are able to keep it that way because they do have the power.
The result is that everyone else is taxed, and class envy is used to get the people to accept a tax structure that forever prevents them from accumulating any significant wealth, or benefitting from what little they can earn.
You don’t have to pay taxes on wealth you have already accumulated, only on income. That would be immoral, to put it mildly. Why should you have pay “rent” on money or property you have already earned?
In a saner world you’d pay taxes on what you spent, but that seems unlikely.