From the beginning, America was meant to be a land that would have no titles, no nobility, and therefore no aristocracy; but rather would be a land based on meritocracy and the equality of opportunity. In fact, America's founding documents are clearly supportive of this very concept, but not too surprisingly, when it comes to power and especially in regards to the power of wealth and position, those that achieve wealth, have a very strong tendency to desire to hold onto that wealth, and further are usually very determined to pass on that wealth and their position to primarily those that are an integral part of their organization and family, therefore obtaining for them an enduring legacy, that essentially permits a special class of people to be born into privilege, and thereupon reap all the benefits of that which they personally have never sown.
This government of the people, have a responsibility to tax wealth, and to especially to tax excess wealth, so accumulated, by one person, one family, and one organization; of which while hard working people are fairly entitled to the fruits of their labor, this must be knowingly balanced by the fact that too much accumulation of wealth into too few hands, is destructive of any enduring or meaningful democracy. Therefore, governance, must enact appropriate taxation upon compensation gained through employment, as well as that accumulated through passive income investments such as equities, bonds, and real estate, in addition to a general wealth tax so initiated against those that have assets of, for instance, 100 times the median wealth of that country's respective residents, and finally through an estate tax, when that person so departs this world.
Those countries that do not tax wealth in the present, appropriately; and further do not subsequently tax that wealth, when that person is no longer among the living, have by virtue of doing little or nothing, thereby have permitted that wealth to be placed into the hands of those that are functionally going to represent an American Aristocracy, of which, through the power of that money and frequently of that position, this aristocracy will not only be able to hold onto that wealth, but have a very strong tendency to augment such, thereby depleting from the hands of the general population, opportunity and income; for remember well that a given person or family, can only spend so much of their money in a given year, and thereby the balance of such, simply is saved and passively invested, ever accumulating to the benefit of those that already have far more than enough, even more.
Life typically isn't fair, no matter the governance of any particular country, of which, the purpose of good governance is to see that the bulk of the population is given, to the degree so possible, a fair opportunity to make something of value in their own lives, and of which, this often necessitates a re-balancing of the wealth of that nation, to effect such, by the appropriate taxation of those that are exceedingly wealthy and privileged, so as to redistribute those monies into the hands of those that have little or nothing, but clearly have the innate desire to make a good life, if only the infrastructure and construct of such, fairly reflects such an opportunity so being justly provided for them.