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The problem isn't the 91% to the 99% in my opinion. In the United States, the 99th percentile for income is ~$300,000, which is a ton of money in a low cost of
by criley2 4y ago
The problem isn't the 91% to the 99% in my opinion. In the United States, the 99th percentile for income is ~$300,000, which is a ton of money in a low cost of living (rural) area and a decent amount of money in a high cost of living (urban) area.
But these are not the "capitalist class". They don't own significant portions of a company unless they started a small business (a lawyer or doctor running their own practice). They also generally had to go through an enormous burden to get there. A doctor for example might be nearly 40 years old with $500,000+ in debt before they're making $300k, and many doctors will never make that much, period.
The funny part of "limiting income" is that it only affects the working rich, not the capitalist class. Steve Job's salary was $1 and many CEO's famously have basically no salary and compensation in stock.
So what do you do? Tax their stock sales? We do and should do more. Force them to sell their stock for the benefit of the taxpayer? Ban them from even owning large amounts of the company? Have the government automatically own part of the company? All of these sound yikes to me.
- Phenomenit 4y agoThe same limits can be applied to organizations and constellations of organizations.