The wealthy will have to pay more tax. But there are good and bad ways to make them do so
Capitalists shift their income into less-taxed forms, such as capital gains; they move; they work less; they take fewer entrepreneurial risks.
In Europe, where tax systems are more efficient, one option would be to shift more of the burden from income to property, which would collect more from the rich but have less impact on their willingness to take risks.
To avoid taxing investments twice, such a system would get rid of corporate taxes.