"We will have to find some sort of tax system that makes it possible for those who can't participate in the elite to also live their lives"

Rather than a tax system that gives them pretty much no incentive to get a job (if you were essentially paid to do whatever you wanted to do, would you want to get a job?), it would probably be better to have government enforced jobs (IE: you want money from the government, you need to work for them until you find a regular job. Otherwise, you get nothing).