> To solve all this, it's pretty simple, and the U.S. actually used to do it: heavily tax the super rich.
That never happened. https://mises.org/library/good-ol-days-when-tax-rates-were-9...
That never happened. https://mises.org/library/good-ol-days-when-tax-rates-were-9...
For example:
> According to investment bank Credit Suisse, the fraction of global household wealth held by the richest 1 percent of the world's population increased from 42.5 to 47.2 percent between the financial crisis of 2008 and 2018. To put it another way, as of 2010, 388 individuals possessed as much household wealth as the lower half of the world's population combined—about 3.5 billion people; today Oxfam estimates that number as 26.
https://www.scientificamerican.com/article/is-inequality-ine...
> To put it another way, as of 2010, 388 individuals possessed as much household wealth as the lower half of the world's population combined—about 3.5 billion people; today Oxfam estimates that number as 26.
This is also completely meaningless, because that figure is largely imaginery and super illiquid. Rest assured, Jeff Bezos can't cash out of Amazon and expect to be paid the current market rate for all of his shares.
It's also completely meaningless because the world's bottom 3.5 billion people control virtually no wealth whatsoever. Makes for a good headline though
Bezos uses it to spend his pile of money, but for one Bezos there are 100 businesses who use the same exact instrument as a perfectly legitimate way to borrow money.
It’ll be extremely hard to draw the line between both use cases in a way Bezos couldn’t exploit it.