Suppose you tax wealth at 70% for anything over say 4 million. Now do that annually or at least periodically. What ends up happening is that unless that person’s wealth grows at greater than 70% for that period, you end up taking all their wealth above the 4 million. Your 70% tax is really a 100% tax minus 4 million.

It’s just math. .30^n as n goes up approaches 0. Do it once and you take 70%. Do it twice and you take 91%. Do it 5 times and you have taken about 99.75% of their wealth.

The factory system as you call it is generating most of the growth in the economy. The rest of the system is increasingly inefficient. Go look at education, healthcare, media, etc... Those are where costs have increased the most for decreasing benefits.

Your approach slows down the growth of the pie and reallocates it into leeches in the system, entrenching them further.

Notice how there is suddenly zero talk of decreasing healthcare costs or making education work better as a whole? Those industries hopped onto the bandwagon and are all for printing money which indirectly go to them.

I am actually for some UBI. My opinion is you create an AMT on revenue and use that to fund UBI. Also, I am for a higher estate/death tax. It resets the playing field but keeps the incentive structure for people to create wealth.