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I would argue that having billionaires is pretty unnecessary for economies to function well. Accumulation of more money than can be spent in a thousand lifetime

I would argue that having billionaires is pretty unnecessary for economies to function well. Accumulation of more money than can be spent in a thousand lifetimes is not a social good. Tax them as much as a high rate tax payer (at least) and don't let them do dodgy tricks to avoid capital gains and inheritance taxes!

melling 2y ago
We’re talking about climate change. Try to stay on topic. If all the billionaires disappeared today, climate change would not be delayed by one day.
b3lvedere 2y ago
I doubt we will ever tax the ultra-rich as they should be taxed.
matthewfelgate 2y ago
Isn't this what the Soviet Union tried to do?
- talldayo 2y ago
  It was one of the goals, specifically in the form of a "dictatorship of the proletariat" that prevents non-working social classes from engaging in politics. That would later evolve into a "state of the whole people" once it was perceived that class struggle had been eliminated. If you look at how Russia failed to modernize as a republic though, you could argue the current oligarchy is significantly more dangerous for the state and it's people. When the Soviet Union collapsed and Russia started migrating to a free market economy, the government deeply subsidized entrepreneurs in an attempt to stimulate their economy into competition. It would end up being one of the major contributing factors of their economic collapse, and persists today as a toxic link between business and politics that should have never been forged in the first place. Russian oligarchs put out mob hits on polticians - politicians send secret police to kill their opposition. It's about as potent an example of political corruption that exists in a so-called "democracy" today. I feel like you can see very clear echoes of this in America's modern economic strategy, the same sort of hubris from both Democrats and Republicans. America thought it would be smart to subsidize Elon Musk for sub-$25,000 cars he had no intention of ever making. Meanwhile, Elon is meeting with foreign dignitaries and shipping American jobs abroad to save his company instead of delivering on his promises. Elon must rather envy the violence and lawlessness of Russian economics.

melling 2y ago

We’re talking about climate change. Try to stay on topic. If all the billionaires disappeared today, climate change would not be delayed by one day.

b3lvedere 2y ago

I doubt we will ever tax the ultra-rich as they should be taxed.

matthewfelgate 2y ago

Isn't this what the Soviet Union tried to do?

talldayo 2y ago
It was one of the goals, specifically in the form of a "dictatorship of the proletariat" that prevents non-working social classes from engaging in politics. That would later evolve into a "state of the whole people" once it was perceived that class struggle had been eliminated. If you look at how Russia failed to modernize as a republic though, you could argue the current oligarchy is significantly more dangerous for the state and it's people. When the Soviet Union collapsed and Russia started migrating to a free market economy, the government deeply subsidized entrepreneurs in an attempt to stimulate their economy into competition. It would end up being one of the major contributing factors of their economic collapse, and persists today as a toxic link between business and politics that should have never been forged in the first place. Russian oligarchs put out mob hits on polticians - politicians send secret police to kill their opposition. It's about as potent an example of political corruption that exists in a so-called "democracy" today. I feel like you can see very clear echoes of this in America's modern economic strategy, the same sort of hubris from both Democrats and Republicans. America thought it would be smart to subsidize Elon Musk for sub-$25,000 cars he had no intention of ever making. Meanwhile, Elon is meeting with foreign dignitaries and shipping American jobs abroad to save his company instead of delivering on his promises. Elon must rather envy the violence and lawlessness of Russian economics.