After a certain stage, parents are working knowing that the value they are generating will be passed down to their children, it is no longer for them in their lifetimes, but their employer and society still benefit.

If parent’s work beyond what they can spend in their lifetime is not given to the children, who would continue to choose to work? Already in Canada you can exceed 50% tax rate and many adults who could see more patients, write more books, take more cases, do more work, choose not to as the marginal benefit decreases.