Comment on How would you actually tax the ultra wealthy?
phoenixz@lemmy.ca 4 days ago
Wealth caps
Worldwide wealth caps
Start at 100 million…after a decade, lower that to 10 million
Anything, income, gift, whatever, over that goes 100% to taxes
Nobody had the right or need to be worth over 10 million dollars
Fjdybank@lemmy.ca 4 days ago
Sounds good in theory. But it is inoperative in a capitalist society. Here’s a thought exercise:
Management might have a salary of $5 million but stock worth 1 billion. Maybe you expect they divest their stock? Okay, who buys? Who has control of the company? Does it become a societal asset? Can’t have a company run by a million-person committee.
Your wealth cap works where someone has liquidity over 100million. I suggest that few do as it’s not a tax-advantaged strategy.
ptc075@lemmy.zip 3 days ago
Although I agree, as a thought exercise, how about we also split up companies worth 1 billion dollars? We used to call them monopolies, but corporations have become very good at staying technically just under that bar. I’d argue this is part of the problem.
Fjdybank@lemmy.ca 3 days ago
NOW you’re cooking with gas!!