In a lot of ways, the extreme wealthy providing that better life deprives the majority of providing their kids a better life. The state could fund things that meaningfully improve the lives of many kids at the expensive of generational wealth transfer for a few. Conceivably, the kids of extreme wealthy would still have been given a massive leg up — it’s just that they would have to contribute (or eat a tax, realistically they’re still probably able to do nothing in many cases).

Also it’s entirely possible to set a floor before a tax kicks in to allow some token transfer of wealth, but yeah there’s a huge difference between a moderate transfer of wealth like a (average) home and rebasing millions and millions of asset wealth, a fleet of homes, etc.