Luxury tax is aimed at Middle Eastern owners I assume? Lets see what twisted bollocks they come up with now. I am probably being negative though.
Basically, a spend what you want to to catch up (hey Mr Ratcliffe, give us 500 million).
If you spend above a certain amount (not clear, but probably based on sustainability calculations), you have to pay a tax/fine which is then shared among the PL clubs who aren't getting a luxury tax.
A copy from some US sports.
If people actually consider the luxury tax for what it is, rather than getting angry at the idea PSR rules are being changed or the idea it's come from America then I think they'll realise it offers everybody what they want and is quite clearly the way forward.
Hedge fund vultures can sit back and get paid for other owners' ambitions.
Owners with a big plan or who want to invest can do so and just pay a small fine for a spend now, grow later approach.
It disincentivises overspending so that it's going to be temporary.