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That link you shared is an exceedingly strange scenario, where a man with $84 million never spent it. I can't check the link to the article it was responding to because it was dead, but people with $84 million usually don't tend to live a life of subsistence. When people make money through labor or capital, they usually do so with the desire to use it on something, be it material possessions for themselves, bequeathments for their heirs, or chasing things that are a little less tangible like power and influence.
I generally like Elon for what he did to Twitter, but the dude owns several houses, an entire fleet of private jets, and a lot of other luxury items. The bigger issue would be if he would pass down his wealth to his kids to create a Musk Dynasty with the wealth continuing to expand further and further. To some degree you could say Musk deserves his money since he made a large chunk of it through his own labor, but his kids wouldn't have the same claim.
It’s an idealized thought experiment. But I would say it’s largely true for Buffett, Musks, and a few others. You wouldn’t be taxing them directly. Carnegie is an interesting example. You wouldn’t for the most part be taxing him, but what you would have taxed is what he did with the money. The government would get more money and it would be real but what your taxing is what he did with his money which is buy a lot of libraries, science, and cultural centers in the US. Maybe that is a net gain. But you are not taxing the rich guy.
I do not believe Musks owns a home anymore. He probably does own a private jet or two. But his consumption would be way below his means. Any taxes on him isn’t going to change his jet ownership so no consumption change. You would be taxing something else besides Elon Musks. Not sure what it is.
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