Also, in my opinion: 1. The elite will still hand down a superior education and social connections to their progeny, so their children will still be privileged

Also, in my opinion: 1. The elite will still hand down a superior education and social connections to their progeny, so their children will still be privileged, just not ridiculously so like they are today 2. This will incentivize parents to invest more in their children's soft development, rather than just handing down their wealth and calling it a day