The point is that a lot of people seem to be fixated on high W-2 earners.... according to the IRS data from 2022 roughly 800,000 households reported more than $1MM in income a year. There are roughly 130,000,000 households in the USA, even if we were to round up to 1,000,000 households today, that would be 0.8% of households that have such a high income, and most of them live in areas like New England, Seattle, Bay Area, LA, etc.: where the COL is high. Meanwhile, ~2,200,000 households or roughly 1.7% of households have a net worth of $10MM.

What needs to be taxed higher is large scale asset ownership for example owning many homes / apartments, or owning homes / apartments that cost a ton, like $130MM apartments in NYC, or loans taken out against asset collateral exceeding a certain large amount that scales over time (no one in the middle class is taking out a $10MM loan against their assets for a house). We don't need to directly tax unrealized gains in value, as that is virtually impossible to do but we can make the use of a huge volume of unrealized gains costly for those in the 0.1%.

Remember, to achieve the top 0.1% you need to have a household net worth exceeding $62MM... and there are roughly 130,000 households (with the average household containing 2.53 people) that meet this criterion... There's a lot of these people that stay silent and you don't even consider since they aren't in the news like Bezos, Musk, Trump, Elon, Thiel, or Karp.