@Quenby
How do we pay for it? I'd start with a 100% wealth cap tax. Once you have a pre-determined amount of *net* welath (including real estate, stocks, and other non-liquid assets), say $250 mil (more than that just seems like video game points), all income gets taxed at 100%. Sure, you're allowed to have more than the wealth cap, you're just not allowed to make any more. Drop below the cap, and income gets taxed at normal progressive tax rates again.
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@Quenby
How do we pay for it? I'd start with a 100% wealth cap tax. Once you have a pre-determined amount of *net* welath (including real estate, stocks, and other non-liquid assets), say $250 mil (more than that just seems like video game points), all income gets taxed at 100%. Sure, you're allowed to have more than the wealth cap, you're just not allowed to make any more. Drop below the cap, and income gets taxed at normal progressive tax rates again.
Would require more admin (therefore more expensive) but I could see a 10x wealth cap:
You can have as much wealth as you can earn, but nobody gets less than 10% what you get. You want more? Sure! Everybody else gets more, too!
I also like the #Indigenous wealth principle: the status & power conferred by great wealth is garnered based on how much you •give away•.
@Quenby I like the conclusion. "Aw, the poor billionaire would have less money? Don't worry free food assistance!"
The government says an adult needs $297 to eat for 1 month, and I have found this to be 100% adequate in my state (yes I am on SNAP right now).
I am pretty sure a billionaire sometimes tips an amount bigger than that just to impress someone.