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Originally Posted by Jason14h
They do share their “wealth”
The business pays business taxes , and the individual income taxes and capital gains taxes
Now we want to take more after tax money that exceeds X amount , just “because”?
Not to mention how would that even work ? Force the billionaire to sell off their business every year and ensure their net worth never exceeds 1 billion until they lose a controlling interest in their company , etc ?
You want the government or someone less effective (non founders) running every large company ? Because why would anyone work after their net worth was 1 billion
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What is your evidence that non-founders are less effective at running billion dollar empires. I’d argue that founders are less likely to be the correct person to run a billion dollar corporation as there skill was creating an idea so novel it became dominant. That skill set is far different than running a fully grown behemoth. But I don’t have any evidence to support that either
How would it work? One way is to charge a 4% plus inflation wealth tax where your assets are sold until you have paid the tax or net worth is less than 1 billion.
Another option would you could allow them to hold all of their assets but if any shares are sold or collateralized they would immediately be taxed. This would solve your loss of control issue.
As to why would a person work once they become a billionaire? First I don’t think we care if they do. Secondly why does a billionaire currently work if they have a billion dollars. You can’t ever use that much money. You have a guy like musk buying twitter so he can control the town square regardless of losing billions on it.
So yes I support the forced sale of assets and loss of founder control of the mega companies. I do wonder if founders would start to just maintain veto powers without shares though to prevent loss of control because power is what matters rather than money. Something like the Rogers family Trust has where I think they aren’t majority owners but maintain control.