Completely agree, and the necessity of filtering out "smart people" from those who merely drew the right parents is why I support a 100% inheritance tax and mandatory K-12 public schooling with no exemptions to avoid the problem of wealth propagation to idiot failsons.
I'm sure @hamandcheese would agree that these are critical safeguards to put in place for his hypothetical de novo social system, along with the abolition of private charitable endowments for the exact same reasons.
Indeed, setting a marginal wealth tax rate equal to the highest-returning asset's long-run growth rate- perhaps 8 or 10%- would be a necessity, since that way wealth accumulation only be possible if you truly had the skill to allocate capital more efficiently than the market.
