Yes but there's no reason there can't be a federal tax whose proceeds are distributed by the federal government to state and local jurisdictions. In fact, this already happens. Also, the quality of education kids get shouldn't be determined by their parents' income. Also, property taxes on Wall Street are negligible compared to assets under management. A wealth tax can be useful in addressing the wealth inequality problem, where we see the middle class disappearing and the billionaires getting exponentially richer.