Why assume that luxury consumption is the only possible use of that income? That just doesn't seem to reflect the facts. It's not like many old-money folks hav

Why assume that luxury consumption is the only possible use of that income? That just doesn't seem to reflect the facts. It's not like many old-money folks have billion-dollar yachts or private aircraft, or the other kinds of luxury spending that seem to be the focus here. Many of them are used to leading incredibly modest lives. Also, it takes meaningful skill or an appetite for risky ventures (or a combination of both) to generate substantial income from that accumulated wealth - passive return rates are extremely low. That reflects socially productive endeavors we don't want to tax.