Limiting consumption of the rich would result in the destruction of incentives to accumulate and maintain capital and to improve and maintain production.Losses in terms of innovation and the growth of major new industries would be substantial.
Limiting income of the rich would result in the decumulation of capital.
Limiting wealth of the rich by seizure and confiscation is an assault on private property rights and an assault on the improvement of productivity of labor and economic progress
They tried this with the "millionaire taxes" on things like the boating industry... The result? Rather than the windfall the leftists expected, they pretty much wiped out the US yacht industry, putting an awful lot of people out of work.
Part of Marxist theory is "dialectic materialism," a portion of which is if you break things down far enough, you can understand anything. The problem is that while this works OK in a static system, when you have a dynamic system it falls apart rather quickly. Which is why leftists are usually unable to see the consequences of their policies which are obvious to the rest of us.
Mark