GV27:
Help me out here, are people earning $120K a year plutocrats all of a sudden?
They aren't. If you rely on a paycheck to eat, you're not rich. You're just as much a wage slave as someone who earns half of that. You might live in a nicer house, but that just means your mortgage or rent is higher too.
And this budget isn't really about that. When they say "Wealth Tax" they mean taxing passive income or income-alike (e.g. borrowing against your mansion and spending the cash), which is what actually wealthy people have.