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> Wealthy people tend to consume more anyways.

They would pay more consumption tax but pay less percentage wise, because wealthy people save more than poor people.

Raising consumption taxes will be regressive because poor people spend all their money on food, heating and other consumption.

What if we only tax luxury goods?

Then people import them.

There's only so many people who buy a Ferrari or an expensive handbag, and they only buy so many of them before they're done buying.

Taxing property perhaps would work. Or inheritance taxes. Big resistance on those for obvious reasons.