Most wealthy people are likely to own dividend paying stocks, so valuations don't matter as much for risk re the market. They get paid every quarter by the com

Most wealthy people are likely to own dividend paying stocks, so valuations don't matter as much for risk re the market. They get paid every quarter by the company, and can just live off of passive distributions. If they follow what you're proposing, they pay the higher tax rate anyway. But also don't think that's really feasible at very high net worth.