The main purpose of wealth tax is not redistribution, but curbing the tide of power concentration.

If large fortunes keep doing 5-7% per year compounding, outpacing the avg. growth rate of economy, wages etc. then we keep ending up with Musk-like figures with such outsized amounts of power and influence that it basically destabilizes democracy altogether.

You can't get rid of these people because they just have too much influence -- i mean, literally buying entire social media platforms. C'mon.

Its really just a question about whether you want society to continue functioning with some semblance of fairness and stability.