And yet these countries still focus on taxing income only, meanwhile a massive mountain of growing untouchable wealth is sitting there, owned by the older gener

And yet these countries still focus on taxing income only, meanwhile a massive mountain of growing untouchable wealth is sitting there, owned by the older generation who supposedly need to be supported with the income generated by the young. Tax and wealth distribution needs a fundamental rethink going into the next few decades - I really don't have high hopes that the current approaches will work. As you say, they are predicated on high growth scenarios which western nations are no longer experiencing at a macro level.