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The actual comparison is more like "Take $20 MM from a billionaire and give 1 million hungry people $20 each, or let the billionaire keep the $20 MM". The billi
by credit_guy 5y ago
The actual comparison is more like "Take $20 MM from a billionaire and give 1 million hungry people $20 each, or let the billionaire keep the $20 MM". The billionaire could invest in SV startups for example, and the hungry people could buy food. That's the first order effect. The second order effect is that the billionaire, if taxed, will see his future profits reduced, so next year you'll only tax $18 MM, and the year after only $16, maybe. If you leave him alone, next year he'll invest $22 MM in startups and the year after $24 MM.