That hinders technological progress. Typically newer technology in most consumer fields is bought and “tried out” by the wealthy. If it’s popular enough, econom

That hinders technological progress. Typically newer technology in most consumer fields is bought and “tried out” by the wealthy. If it’s popular enough, economy of scales comes in and makes it more affordable. Adding that heavy of a tax will disincentivize some wealthy from buying the product, leading to slower, if any, feedback loop to give that tech to the lower income classes. You may ask, well the tech is already made. And a private jet won’t become affordable to normal folks anytime soon. True, but then the issue is, who determines exactly which items are taxed, and how much? Most likely a domino effect that was not intended or predicted will occur, causing worse outcomes than the pseudo planned-economy hoped for.