The wealthy will likely be the ones most impacted by this system. This is because of the larger amount of discretionary funds they have available. However with the base income tax being 50%, even if all of their money went to luxury goods, they will still be paying less than the base tax rate.
This is because businesses and industries will be paying into the sales tax system. In example, if an aircraft is $100 Million, the purchase of such will create $45 Million in sales tax – therefore making a large contribution to the revenue for the country and state the purchase was made at.