A related 'Random Thought':-
We already have a tough system of wealth redistribution in Australia.
It's called Aged Care.
My Mother-in-law recently moved into residrntial care. This requires payment of $600k, plus other ongoing costs. So far we have already paid over $15,000 over the past couple of months.
So, the family home sold for $1.3 million. Less CGT because she had it for less thsn 20yrs.
Hooray, she's a millionaire! Meanwhile there are bills to pay along the way. Depending on her longevity, over half of her nest egg will be redistributed.
I haven't an issue with 'user pays' concept.
I am pointing out that perceived windfalls from selling a family home do not offer the luxury lifestyle that being a millionaire implies.
We all have to pay for the late stages of our lives. I prepaid by paying my mortgage during my productive years. But those who never achieved home ownership suffer financially most. They are given no reasonable choices in their autumn years.