In the US throughout the 1900’s the highest income tax brackets were often in the 70%'s, reaching into the 90%'s at times, and we did not see what you are suggesting.
We did not see what I’m suggesting because that’s an income tax, and in order to abolish billionaires we’d need a wealth tax.
Increasing the taxes on Gabe Newell’s profits from owning Valve would not suddenly cause him to lose money, just to gain less money.
Yes, but if you slow the income of a person who is already a billionaire, you get a billionaire who is still getting richer, only more slowly. This does not get rid of billionaires.
In order to take someone who is already a multibillionaire and make them not a billionaire, you have to take away property that they already own. In the case of Gabe, since most of his wealth is tied up in Valve stock, in order to make him not a billionaire you’d need to make him sell stock in Valve, which would dilute his ownership and control over the company.
Do you understand the problem now?
paultimate14@lemmy.world 16 hours ago
You’re just proposing a much more drastic and rapid change than I am. I agree that a wealth tax would be a more immediate effect. It is also much more drsstixnand far less tested. The idea is interesting and I am neither opposed to it nor calling for it. I do not think it it necessary.
Increasing income tax rates and corporate tax rates would be a much slower approach. I didn’t mention them, but I would also add in property tax rates and capital gains. Luxury sales taxes, inheritancd taxes. In the US, make OASDI a progressive instead of regressive tax.
For existing billionaires, there are plenty of laws they’ve already broken to get where they are that just need to be enforced. Wage theft, antitrust, union busting, fraud. The SEC should have buried Musk in a dungeon years ago. So I see the answer to eliminating existing wealth being fines rather than taxes.
Of course, there is also room to increase the minimum wage and minimum benefits. That would hell redistribute wealth too.
I don’t know Gabe Newell, or even anyone who works at Valve personally, but every account I have ever read about Valve is that they usually treated and paid their employees well. Investigate all of these megacorps and prosecute appropriately.