Is it possible to tax wealth without disincentivizing investment or other negative economic outcomes?

Since wealthy people are able to borrow against unrealized assets, then they never need to declare taxable income, and thus are able to grow their wealth untaxed. People who depend on taxable income do not have this same opportunity since a larger portion of their income is taxable.

Wealthy people are already the greatest beneficiaries of the state institutions (in terms of wealth gain), they should at least contribute a proportionally equal amount towards the financing of it. As someone with rawlsian intuitions this seems unfair. They are the most wealthy, gain the most and proportionally contribute less.

How do you tax wealthy people who never sell assets and is this compatible with long term economic growth and prosperity? I wouldn't have an issue with this inequality and perceived injustice if it was actually to the greatest benefit the least privileged.