In what universe would that be "properly taxed"? You're saying I can work for 1 year in a $200K/year job and then draw $100k x 30 years = $3,000,000 of value from that one year of work? And it would be fair and just to tax "wealthy people" on my behalf for that?

I still feel like I must be misinterpreting something here, because I can't imagine even the leftiest of leftists thinking this sounds fair. That's basically just UBI except the rate is set for each individual based on whatever the high-water mark of their lifetime earnings were at any point?