Worse when you consider the actual status of most millionaires. People tend to have the mental image of some rockstar or lavish dilatant but the majority of millionaires are people who work relatively normal hours at relatively normal jobs, it's just that their job is also a small business like a gas station, restaurant, or mom and pop grocery store, which have enough tools, buildings, and property to be worth over a million dollars. Generally, these businesses generate relatively tame amounts of income leaving these millionaires living a typical middle-class lifestyle, it's just that they own their own shop instead of stockholders in Wal-Mart or whatever getting it.
Wealth taxes, unrealized gain taxes, and the like will frequently brutally kill all the small businesses due to their nature and how much they can be valued at compared to income, which I frequently suspect to be the actual goal of those laws in order to shore up corporate control of everything.