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An explicit wealth cap seems unnecessary so long as there are appropriately punishing taxes on wealth retention - If there was, say, a 5% wealth tax above 5 or
by munk-a 7y ago
An explicit wealth cap seems unnecessary so long as there are appropriately punishing taxes on wealth retention - If there was, say, a 5% wealth tax above 5 or 10 million then Gates & Bezos both would never be able to sustain their fortunes but they would remain fabulously wealthy.
- ggreer 7y agoTheir wealth is not a pile of cash or a number in a bank account, it's ownership of the companies they founded. Every year, they would be forced to hand 5% of their shares over to the federal government. If such a tax were implemented 15 years ago, all Fortune 500 companies today would be controlled by congress and Donald Trump. Also both SpaceX and Tesla would have almost certainly gone bankrupt in late 2008 as Musk would not have had the wealth to support both of them.