Yeah, but that’s not their fault, it’s the capitalist system as it’s been twisted by neoliberal economic theory.
What we need are rational marginal tax rates (80%+ on income over $10 MM/year) and no significant capital gains exemptions (say, 50% inclusion on first $10K capital gains, 65% on next $40K, and 100% inclusion advice $50K). Add a 1% wealth tax on all wealth above $10 MM, 2% above $100 MM, and 3% on wealth above $1 B, then billionaires aren’t nearly as much of a problem any more.
The US started its death spiral in the 1976 with Buckley v. Valeo. I don’t see how they can reverse course, now, but that was the start of the end.
Yeah, but that’s not their fault, it’s the capitalist system as it’s been twisted by neoliberal economic theory.
What we need are rational marginal tax rates (80%+ on income over $10 MM/year) and no significant capital gains exemptions (say, 50% inclusion on first $10K capital gains, 65% on next $40K, and 100% inclusion advice $50K). Add a 1% wealth tax on all wealth above $10 MM, 2% above $100 MM, and 3% on wealth above $1 B, then billionaires aren’t nearly as much of a problem any more.
The US started its death spiral in the 1976 with Buckley v. Valeo. I don’t see how they can reverse course, now, but that was the start of the end.