I agree, and I think Graham does too:
The trillions of dollars in wealth now held by the wealthy was created by someone sometime in the past. The familiar examples of wealth are those who created value for many people, like Bill Gates' software, the Waltons' affordable products, or Lady Gaga's music. No doubt tax law plays a part, but even a 90% marginal tax would not reduce them to everyday levels of affluence.
Yes, b_b and I discussed it.