See, I don’t think it’s just about justifying confiscatory tax rates, I think it also lays the ground work for asset confiscation/nationalization not unlike those that happen in Hugo Chavez’s Venezuela.
“I’ll tell you what this liberal is going to be about - we’re going to be about socializ- er... basically, taking over your businesses” Mad Maxine Waters
I think you are right. There is already this recurring theme that the rich are not spending, they are hoarding, they aren't doing their fair share, etc. That will lead to a capital assets tax and the beneficent government will take a percentage of your excess assets to redistribute to those who are less fortunate(those who support the regime).