This is not aimed at wealthy or rich individuals, it is clearly aimed at corporations such as Apple. The company is worth $2 Trillion and has $300Billion in the bank doing nothing. Trump halved the tax Apple would pay on repatriating its profits made abroad, and it return he got a big fat nothing from Apple.
Apple uses tax avoidance to keep as much profit as possible. The US and other countries should close those loopholes. In the UK, Apple pays £3.8m tax on £1.2bn sales.
Making Apple, Microsoft, Amazon, the Oil Companies and Banks pay their fair share will not make them less competitive, or increase prices to us plebs. The profits they are making are eye wateringly large. Taking some of that to benefit US and UK citizens (their employees) is a thing worth attempting.
Previous Presidents have tried to make Corporate America to do the right thing and they failed. Biden probably will too, but we should hope that he is successful.