Sounds right. Around 2.2 million, your money starts to generate more income than your labor can, unless you have an exceptionally high paying job.

So maybe people with a net worth above 2.2 million should be paying a wealth tax instead of an income tax.

Well they do have to pay taxes on dividends and capital gains, so its not like its totally tax free.

Even if they're 70 after working a lifetime?

At that age there’s the estate tax … plus you’re paying taxes on withdrawals since mist retirement savings are tax deferred. There’s also capital gains taxes that hit you I think.

That's called inflation.