If you want to get a feel for what democrats really think of wealth taxes, take a look at California. We had both a wealth tax (proposition 40) and an income tax increase (prop 3) on the ballot this time.

The wealth tax failed, but the income tax passed.

I don't think it's "how Democrats feel". There was a massive campaign against it funded by billionaires like Sergey Brin of Google wealth. For him, several hundred million is pocket change. The campaign spread misinformation about the prop. Also some mainstream Democrats, most notably Gavin Newsom, were against it. I guess they don't want to lose their donors. And ... a single state wealth tax is problematic because people can easily evade it. But the voters were not aware enough to know that this tax was proposed on people who were CA residents on 1/1/26. Too late to evade. I voted for it, but didn't expect it to pass.

There was an opposing Proposition 42 on the ballot that would have canceled Prop 40 if it had passed. Prop 42 looks like it's passing. It prohibits any new state taxes on personal property. That's a very sweeping proposition that will foreclose any new wealth tax in the future, unless it's repealed.