Thoughts on luxury tax

Recently a rich German (Maschmeyer) promoted the idea of a tax on luxury goods, which ran through the media.
Distribution through such a tax would "hit the right ones".

I disagree with this view.
While showing off with luxury to promote personal wealth and status receives widespread negative sentiment, it also has its advantages.
Especially in Germany many of those goods are manufactured, some of the companies are even listed, such as HanseYachts AG.
By "wasting" money on such goods, employment is created. Money is circling in the economy, similar to a distribution by above tax, yet without repression.
The actual problem is people not spending their money on goods/services, but holding it in highly liquid investments. Due to their high elasticity taxation becomes difficult.

Thereby in my view people should under no circumstances be discouraged to spend their excessive wealth as long as it stimulates the real economy.

While it is true that such luxury goods (esp. real estates) would be more difficult to move abroad, thereby being easier to tax, the registration and collection of such a tax would be a horrific work. If the outcome would be really a fiscal surplus given the additional work and bureaucracy is doubtful.
Just the definition of what is luxury is Sisyphus work and would be accompanied by thousands of law suits i can imaging.