Placing high taxes on rich people and the goods they buy, such as private jets and luxury cars, is a very popular idea, however not many countries place high taxes on rich people and the goods they buy. What are some economic reasons for not placing high taxes on rich people and the products they buy?

Please answer withMicroeconomics terms, and clearly point that what terms are used to answer this question.

And it should be read at least 2 minutes long.