Step 4 does little but hurt upper middle families. They effectively lose the ability to pass on anything of value to their children while the truly rich we’ll still be able to pass on something of value to their children. And the cycle continues, and inequality increases.

what's to prevent a wealthy parent from gifting wealth to their children while alive? This seems like the easiest thing of all for someone with a competent accountant to circumvent.

Bad for families building generational wealth who don't have it yet though, and boy do I hate the idea as a result.