I dont think its a good model for America but if I were starting a country from scratch I might consider it. But I would also do stuff like a heavy death estate tax and disallow most generational wealth transfer.
What would stop people from shifting to different kinds of wealth transfer? Extreme investment in education, squirrely work-arounds, nepotism, etc? I don't see how you can attempt to prevent people from providing as much benefit to their children as possible.
I've heard some good arguments for eliminating a wealth tax and instead treating inheritance as income. There are other forms of money manipulation that should also be treated as income. For example, the borrow-spend-die trick. Other transactions that should go through a "cash" phase include the financial three-card Monty the AI companies are pulling right now. Other manipulations we need to make illegal, such as stock buybacks.
There are some "reasonable" exceptions one could argue for, but as soon as you start making exceptions, you open yourself to abuse of the system. For example, using the tax code to enact social policy. I think it would be more honest for the government to take in all the money as taxes and then turn around and distribute money for socially beneficial programs such as green energy, schools, public health, et cetera. If you look at who screams about this, you'll probably find that most of them are opportunistic people who are afraid somebody will cheat the system better than they do.
This would also be a good opportunity to create an independent, transparent organization that audits where the money goes and provides raw data they use to justify their actions to the public so that others can double-check their conclusions.
I would allow only one Version- which is if junior builds a buisness and that buisness shows potential, the donor buisness (daddy) should be able to pay the taxes taxfree for that buisness.