What a fantastic idea, billionaires are a symptom of our unequal society.
We could have a ceiling of say 50 million quid and you get to say you won capitalism, and everyone throws you a bug party.
We could have a ceiling of say 50 million quid and you get to say you won capitalism, and everyone throws you a bug party.
Progressive taxation should be uncapped, when you pass some threshold of "this is more than you need in the lifetimes of you, your partner, your next-of-kin to all live a life of unparalleled luxury" then it should escalate up to 99%, and if you pass some really obscene threshold equivalent to a small country's GDP then let it go to 100%.
Wealth taxation should be effective. No individual needs to own land area equivalent to a city, or housing and art assets of a disproportionate nature.
And on the flipside... income taxation can be lowered if we're more effectively taxing wealth and the obscene earnings. Instead we could encourage far more social mobility and the growing of a far larger middle-class. Tax low earners and those without wealth nothing at all, and tax the middle-class only a little.
This opinion won't resonate on HN, but modern society has become so effective at extracting money from people and enriching a few, and rent-seeking as a business model so prevalent that it does feel we're at risk of putting future generations in a serfdom role that had taken hundreds of years to get out of.
This is all distinct from what's happening in Ukraine and with sanctions, this is just an opinion about what's happening in the World at large.
https://www.cnbc.com/2021/08/18/61percent-of-americans-paid-...
Why stop at 100%? Assuming it is okay to put a cap on how much wealth and income a person can have, it should be sensible to have marginal tax rate higher than 100% of the taxable income.
You earn more than 100M in a year? Please pay 200M until your wealth is back to sensible levels. Alternatively, you can reduce your taxable income by making charitable donations willingly – same thing as far as balance is concerned, but you might feel differently about it.
How do you expect to have Google, Microsoft, Apple Tesla, SpaceX? if their founders were to retire once they have 50m
Or maybe others would be highly productive if the current people retire.
> shift their goal from making a great profit to making a great social impact
who says they will shift?