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TBH I share much of your skepticism but even so I support taxing the money away from these people even if it's simply burned in a big pile.
We need to put a cap on lifestyles, I'm sure most people will disagree and think that it's a violation of freedom but these people are violating the social contract.
If someone comes to the theater and talks loudly during the movie while reeking up the theater, we'd be OK intruding on their rights. People globetrotting on private jets and yachts with helicopters and other yachts on them are farting in our theater. Take it all away from them and ask them to leave so we can all enjoy the show.