Scaring the right people.
The one per cent are not fools. They will see things coming, and move.
If DeBlassio goes full commie in New York, the 1% are not tied to Wall Street. They will leave for Florida, and take their money with them. If money confiscation looks like a real deal, they'll take their money overseas and just leave the US: taking all the jobs with them.
You will never make the rich pay, you'll just scare them away.