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I think that's not quite true, because rich people mostly keep their wealth in assets, not cash. Stock will just rise.

• staunton 2y ago
  Which of my two claims is not true? Why should stock rise more than basic necessities? Of course, all prices would rise a lot. But I think stocks would rise by a smaller factor.
  • cousin_it 2y ago
    Ah sorry, I wasn't very clear. I was talking about your second claim - that giving people lots of money would redistribute a fixed proportion of wealth from the rich to the poor. My point was that the rich have most of their wealth in stocks and the like, so the redistribution would only affect the cash portion of their wealth, which is quite small.
    • staunton 2y ago
      I see. The "taxation" scheme I had in mind was intended to apply to "any and all wealth", which I didn't make clear. Do you think it works out then? On a more realistic note, gifting every human 1M would probably completely break the financial system and cause a global recession...