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Because why would anyone, corporate or not, invest substantial time & resources into chasing mad profits if they won't get to keep almost any of it?

• X6S1x6Okd1st 4y ago
  Because I don't believe that most people are really aiming to be multi-billionaires, I think most of the effort comes from people trying to reach financial independence at various levels of cost of living.
  • themacguffinman 4y ago
    A wealth tax doesn't just affect multi-billionaires, it guts all accumulations of wealth. If anything, billionaires are most able to shrug off a wealth tax. Your average Financial Independence strategy (pursue a high income to accumulate a sizeable warchest of assets quickly, then passively live off the illiquid assets slowly) is severely gutted by a substantial wealth tax that aggressively drains saved assets.
    • X6S1x6Okd1st 4y ago
      Do you feel like a wealth tax starting at the 50,000,001th dollar of 2% until you get to a billion is "gutting all accumulations of wealth" or would harm the average financial independence strategy?
      • themacguffinman 4y ago
        No, probably not, assuming you keep it accurately adjusted for inflation. This will likely impact the next tier of wealth: tech startup founders. Either startups will represent a tax loophole or the wealth tax will slowly drain the illiquid assets of founders and early employees during the startup phase which nowadays often have a notoriously long gestation period.