How is that wealth tax even supposed to work?

The only successful model that is remotely close that has been historically proven is Islam's Zakat, a form of charity tax if you will. It doesn't force you to sell shares of your company, unlike some proposals I saw by dems.

I did not see a single politician refer to Zakat in any of their proposals. Note that they'd have to get rid of income tax as well to make things just.