As long as wealth is counted as property. Most people I hear suggesting this expect personal wealth to inhabit a magical class of things that are definitely owned but are somehow not property.

edit: i.e. when wealthy people say this, it is usually just a euphemism for lowering their personal tax burden.

Wealthy people require more protection (as they are excellent targets) and more scrutiny (because their financial affairs are complicated, and they can take advantage of criminal opportunities that require large amounts of capital), so taxes should rise with wealth.

edit 2: When people believe that both income and wealth taxes should be discarded for taxes on consumption, you can be sure that they are wealthy with a high income.