I think that, somewhere north of $1 ~ $5 million is life-changing on its own. There’s no need for someone to have tens of millions or hundreds of millions. Tens of millions is like, changing multiple lives in a family with how much that can stretch.
Whenever someone has billions to their name, it is boggling to think about. That it becomes just ‘fuck you’ money at that point because more often than not, not a lot of billionaires out there being charitable. When they know they’re set for a few lifetimes just by a single billion alone.
No single person should ever have that amount of gross wealth.
From which, taxing people on death or taxing them while living?
¿Por qué no los dos?
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Progressive income taxes until 100m, then 100% wealth taxes. Estate taxes of 50%. The kids will be fine as a 2 kid family would get 25 mil each.
So as the company you founded gets bigger, you’re forced to just give more and more of it away to the government until you don’t control it anymore?
I would much prefer to see a higher estate tax, 100% of all amounts over 10-20 million.
If you know you can’t keep it you’re far more likely to do something useful with it while you’re alive.
Good point, but easily resolved with share classes.
Estate taxes don’t help, for example we can’t afford to wait for Musk to die to rectify the political and institutional damage he has done and is doing.
You don’t need to prevent rich people to remove money from elections. There are laws that other countries have passed that effectively nuter their influence on that.
Bootlicker. Those laws get repealed when you control enough wealth.
The people control the government, even in America, if idiots don’t wanna vote or can’t pay attention long enough to understand reality then they have exactly the laws they deserve.
Glad I don’t live in such a shithole.