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.
Economics is about studying how it works, not forming opinions on how it should work.
If you want to discuss changing economic systems entirely, then discuss that, not ways to break the current one.
Our current economic system would not function with the changes proposed. All sorts of problems occur if you try to tax wealth when it’s created. Companies would receive no investment because anyone with money would have already hit the threshold and wouldn’t benefit from investing it. Not to mention that founders would be forced to walk away fairly early in the business even if they succeeded without investment.
Capitalism is inherently exploitative. You can’t have a profit as a company if you pay workers the same amount that you earn. If you pay workers out the entirety of the value and cut out the shareholders, you’ve just created socialism.
In my opinion, guided capitalism is the best system. Which means adding taxes and regulations to prevent the worst problems.
Like the fact that we already tax wealth somewhat when it’s sold off, and my proposal adjust inheritance taxes to 100% over a certain dollar value (10-20 million for example)