Quote:
Originally Posted by GGG
Unless you tax wealth (rather than earnings) or as some people put it double taxing.
A 10% annual tax on all wealth over 1 billion would eliminate billionaires.
Obviously this isn’t practical as the billionaires would just leave your jurisdiction and not hold wealth there.
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I suppose a flat tax on your net worth would do the trick if higher then the rate you can accumulate wealth.
I thought we weren't actually being completely insane and only talking about taxes on yearly increases in net worth.
But if we literally say "1 billion is the highest net worth someone can ever have or we take it" then I guess you can cap the upper end and let the lower end catch up
No idea how this would work in reality though as most net worth is in companies and as a company appreciated the owner would effectively never endlessly loose their % stake of ownership.
Soooo... The reality is you can not use tax to close the wealth gap at all. You can only slow the rate at which it grows.
And does that really matter? Does Bezos being worth 100 billion or 120 billion have any effect on anyone other then paper net worth?