Cost of living has to mean something. I mean they remain in court, that would eat away a little at a time, because of hospitality rules. That expense you mentioned seems more the type of post renaissance excess. Medieval times you had to have money usually by rents, to buy the destrier armor ans sword. otherwise you failed your liege. you can have that provided by charity, awkward... or mercenary, or family stipend. but there were few couch potatoes then. Easily changed. Buy-expensive- land slot somewhere, feel the need go conquer something, and, make them see the light. join the church. Unlanded rich nobles if they didnt do important work (commander,spy, diplomat, or whatever,) they went to the church. and so did the money. Very few dandies back then. except on the caliphate, and that's decadence correctible with a few tweaks.. Other ideas, Make them build a great work! I'm not criticizing, I agree with the concept, just don't agree with they proposal to handle it. Currency devaluation, hoarding, and make the products from the market worth something -produce lumber, pay gold to carpenter, shipwright, produce ship crew it then you have galleys. want to have heavy cavalry breed horses,or buy, both expensive. pay for salt, etc want armor for your retainers, pay for mining and the smith. that money would disappear in the void of landless commoners. I do agree with the problem though, just don't think a flat tax is...fun, I know it wasn't meant as tax, I apologize for characterizing as so except I like the concept not the execution.
Cheers,
Dan