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Yes I think so. I’m not the original commenter, but I’ve also landed on the idea of limiting wealth to the ballpark of $10-15 million, primarily using progressi
by poncho_romero 3y ago
Yes I think so. I’m not the original commenter, but I’ve also landed on the idea of limiting wealth to the ballpark of $10-15 million, primarily using progressive taxation. The point is to prevent any one person or small group of people from accruing too much power within our democratic society or reaching levels where they stop using their wealth to contribute to the economy (by e.g. offshoring money).
- gottorf 3y ago> primarily using progressive taxation It's all well and good to take away from the rich, but where does that tax money, once taken away, end up? You're saying it should be redistributed to those making less money, but what's stopping politicians from enriching themselves with that money? > reaching levels where they stop using their wealth to contribute to the economy (by e.g. offshoring money) Money in Cayman Islands numbered accounts generally only happens with illegally gained money (maybe by the likes of politicians I've described above), or by people in jurisdictions with harsh capital controls (like the sort you're describing). People like Bezos or Gates aren't stashing their money away like that. Most of the ultra-rich of America derive their net worth figures from ownership of publicly-traded companies.