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Shameless displays of excess wealth is increasingly being met with more and more cultural hostility, especially amongst younger people. Gen Zers are highly likely to view people who flaunt their wealth or indulge heavily in luxury goods as being tacky or just generally negatively. The hostility as the climate crisis increases will only increase as well.

Former tax professional here. The problem is that the billionaires aren't really billionaires. Elon Musk does not have a quarter trillion dollars in his bank account. His net worth is calculated from what other people think his holdings are worth. He cannot be taxed on this.

Unless someone is game enough to pass legislation enabling taxation of "unrealised gains" (while not allowing credits/offsets for unrealised losses), billionaires will continue not paying their fair share of tax.

what other pressure do you have the ability to put on a billionaire that they wouldn't find utterly laughable, if they even noticed it? but you can't buy your way out of death. sure, if the threat to their lives were to become credible, they could leverage their wealth to protect against it, but being surrounded by bodyguards at all times, having every rooftop surveyed for snipers before you go out to get coffee - these are things that disrupt their overly-cruisy existences. and the more people there are gunning for them, figuratively or literally, the worse their lives get.

and sure, if you off them, their wealth will just default to someone else. but if billionaires start dying left and right, their inheritants might just start to find ways to make sure their fortune stays a little shy of that magical 9-digit mark.