this is a shorter excerpt from my recent Culture of work article (the second part). Focused on just tax policy.
Wealth only trickles up. If there is a sufficient number of people with money, then producers will find a way to go take that money from those people. Even if the producer sells expensive yachts, it is that producer's advantage to have a society of 300M people each with at least $10k income, than a society with more concentrated wealth, because other producers will go and take the money from lower income members, and pass it along to producers who can be yacht customers.