> Another would be making every American turn in their bank accounts into a single account, and slap a limit on how much you can have in there.... whether that'

> Another would be making every American turn in their bank accounts into a single account, and slap a limit on how much you can have in there.... whether that's 50 million or 20 billion This is a fundamental misunderstanding of how money works beyond a small $ amount. Nobody just keeps millions of dollars in a bank account. When you have lots of money, you own businesses which generate income. The value of those businesses is not fixed, but constantly changing, and dependent on the values of other businesses. So it’s very difficult to assess “PersonX has $Y million” because the value of the companies that they own changes all the time. They might have $300k in cash, $700k in stocks, and be the founder of a company worth $40m, but they can’t just spend or be taxed on that $40m. The company is significantly less valuable without them running it. And if they tried to sell some of it, then the value would drop and they’d be worth even less. But their net worth still says $41m. How do you tax that? We don’t tax ownership of companies today because it’s WAY too complicated and convoluted, and would cause significant problems. Instead, we tax the transactions. Meaning that if they sell half of their $40m company for $20m, then they have to pay taxes on that $20m that got converted from “fake money” (company valuation) to “real money” (cash from selling). That’s “Capital Gains” and is taxed today. Or we also currently tax payments, aka dividends. When a company converts value within itself to cash for its owners. If the $40m company makes $4m in profit and pays that out to the founder, they pay income tax on it. But the fact that they own a company that’s “worth” $40m shows up in their net worth, even though that’s not real money.