Assuming billionaires were going to get a special tax, how would you actually determine how much to tax them? Sure some would be straightforward like Musk where it’s entirely derived from a few companies with known ownership stakes, but what about all the others?
We don’t even know the names of most of the billionaires. With all the games they can play to hide money, now made even easier thanks to the changes Trump made in his first few months, how would you even figure out who and what amount to tax? They don’t have a normal salary or easily documented income like everyone else.
Wealth caps
Worldwide wealth caps
Start at 100 million…after a decade, lower that to 10 million
Anything, income, gift, whatever, over that goes 100% to taxes
Nobody had the right or need to be worth over 10 million dollars
Wealth caps are also an extremely simple solution, a very simple rule to add to the current system to fix so maby issues.
Governments will get so much more Income that they can immediately do free healthcare, free education, etc.
Nobody will have a huge amount of money, and as such, a huge amount of power anymore which will lower the chance of wars. With that we can significantly lower expenses to killing materials and instead focus on life
We can solve poverty, which, in addition to free mental health care, will also solve most crimes (yeah, crimes of passion will remain)
We can finally spend a huge amount of resources on climate change and fixing the environment around us!
We can make government funded non profit investment foundations for infrastructure projects, for independent journalism, etc so that we have great independent news and great infrastructure
A simple rule with so many great consequences…
But it would would require the rich allowing us to implement that simple rule. World wide. So it won’t ever happen
Sounds good in theory. But it is inoperative in a capitalist society. Here’s a thought exercise:
Management might have a salary of $5 million but stock worth 1 billion. Maybe you expect they divest their stock? Okay, who buys? Who has control of the company? Does it become a societal asset? Can’t have a company run by a million-person committee.
Your wealth cap works where someone has liquidity over 100million. I suggest that few do as it’s not a tax-advantaged strategy.