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> there's no limits on the growth of my wealth? The primary benefit of wealth is in liquidating it and spending on consumption. If you're growing your wealth,
by malandrew 6y ago
> there's no limits on the growth of my wealth?
The primary benefit of wealth is in liquidating it and spending on consumption.
If you're growing your wealth, you're doing something good that society should want more of: investing. You can't grow wealth without reinvesting that wealth. That is what powers the economy and creates jobs and drives R&D and innovations.
> People are concerned about wealth growing without bounds (and the growth of power that comes with it)
The purpose of taxes is to fund the government: nothing more, nothing less. It is not the government's role nor purpose to limit wealth creation in any way shape or form. That's never been its mandate in why it collects taxes. SCOTUS even made this observation about taxes:
"the power to tax involves the power to destroy." – Justice Marshall in McCulloch v. Maryland (1819)
That said, government may be used to place checks on certain types of uses of power when individuals go to exercise it. While wealth may result in power, it doesn't necessarily result in uses of power that need to be checked by the government.