All net worth over 5 million will be taken by government on behalf of the people. So if Stephen King is worth 1 billion he will need to write a check to the IRS for 995 million leaving him with the maximum allowed net worth of 5 mil. As long as he or anyone else maintains a net worth of 5 mil then ALL earnings will be taxed away and made payable to the federal government on behalf of the people.
This is a fair system because no one actually needs more than 5 million to live. The money in excess of 5 million is "the peoples" money. Oh, and If you don't pay, we slap the cuffs on you, march you off to prison and take everything.
Sound good Mr. King?
Very hard to argue with that logic. Apparently, the mass of enormous wealth creates such a huge gravitational tug on the brain that the brain mashes-up on the inside of the skull closest to the money. This, of course, seriously interferes with the higher brain functions, like reason, memory, and sense of humor. I see the problem.