The point is that society wants to have a tasty revenge on rich people, not their heirs. Very rich people don't ever want to spend every dollar they make , act

The point is that society wants to have a tasty revenge on rich people, not their heirs. Very rich people don't ever want to spend every dollar they make , actually they are very restrained in their expenses ,so by using the margin loans against assets to finance what it is a proportionally modest lifestyle they get to have it their way while they are alive, which is having their number to be higher than everybody else, and being in the Forbes 400. When the tax comes due at their death , they are not alive to witness their net worth cut in half or whatever it might be. Society hates that because it wants to force rich people to do what they don't want and to face their own demise. It has to be said, for all the hatred towards rich oil sheiks, they spend a lot because they know that their status in their country and in the Royal tribe is determined by the size and quality of their toys, their personal branding depends upon having the largest house, the most rare goldtop Ferrari etc. America could use some of genuine appreciation for toys, because they dilute rich people into irrelevance. In America people genuflect to a number instead. MarketCap, Unicorn status, Asset under managment, net worth. Once you decided to genuflect to something it might as well be toys.