I would prefer a mixed system. All wealth over 1000x the median household income taxed at 100%. So no one should have a fortune larger than that, a number that would be approximately $80 million today. But if you secretly gather a fortune much larger than that? If you somehow secretly amass a fortune 10,000x the median household income? At that point I would apply severe criminal penalties, like a mandatory minimum 20 year sentence. I don’t want to throw the book at someone just because they accidentally let their fortune grow a bit beyond the limit. But if you’re a whole order of magnitude above it? Then that’s when severe criminal penalties should apply. At some point your wealth becomes so large that you personally become a threat to national security. Amassing a fortune in the billions should be treated like a private citizen trying to build their own nuclear bomb. No one should have that much power, and we should treat both the same.
I would prefer a mixed system. All wealth over 1000x the median household income taxed at 100%. So no one should have a fortune larger than that, a number that would be approximately $80 million today. But if you secretly gather a fortune much larger than that? If you somehow secretly amass a fortune 10,000x the median household income? At that point I would apply severe criminal penalties, like a mandatory minimum 20 year sentence. I don’t want to throw the book at someone just because they accidentally let their fortune grow a bit beyond the limit. But if you’re a whole order of magnitude above it? Then that’s when severe criminal penalties should apply. At some point your wealth becomes so large that you personally become a threat to national security. Amassing a fortune in the billions should be treated like a private citizen trying to build their own nuclear bomb. No one should have that much power, and we should treat both the same.