The system described is, in other times, an aristocracy.  In these democratic times we don't like to think we have aristocrats in our midst, but of course we do.  Aristocracies in the past labored long and hard to preserve their wealth, secure tax privileges and pass it all on to junior.  The scene is identical today albeit the nomenclature has shifted.  We never had barons, viscounts, earls and dukes in Canada, but the lack has often been lamented.  Hullo Lord Crossharbour.  

A wise aristocracy would strive to share with the peasantry on their initiative rather than going to the wall come the revolution.  The British were good at this, the French and Russians less so.  Still, we are not immune and Trudeau's ambition to create a 'fair' tax system quite sensible - alas, it does need to include his class (not that we have any classes in Canada).