That’s why we need a national wealth cap. Forget the tax. We need a maximum wealth. You simply are not allowed to have more than a certain amount of money. We need bounded capitalism. Capitalism can be a very useful system. It has a lot of merits over central planning. But in any kind of machine or system that humans devise, when is it ever beneficial to let any parameter increase to infinity? Let an engine spin too fast, and it will tear itself to pieces. Build an irrigation system that delivers an unbounded amount of water, and your crops drown. A well insulated house heated by a powerful furnace can bring comfort. Let it burn an arbitrarily large amount of fuel, and you will be cooked alive in your own bed. No system that humans design for our needs and comforts works when one of its core values is allowed to increase without bound. Inevitably this throws the whole system out of balance and leads to disaster.
And what is our economy and society if not an elaborate machine? A way of distributing resources, assigning work, etc? Allowing people to earn different amounts of money is a very useful thing. It encourages people to produce useful goods and services. It encourages innovation. It incentivizes getting an education and contributing to society. We’re not perfect at any of these. Market mechanisms have many flaws. But our system does have a lot of merit over simply assigning everyone the same flat wage for all work done. It is useful to allow people to accrue modest fortunes. But that useful mechanism, completely unbounded? It unbalances society and tears us apart.
1000x the median household income. We set that as the maximum allowable fortune. 1000 times the average family wage. That I believe is the place to set such a cap. This would be approximately $80 million. This is so much money, that even the highest paid wage workers - people like brain surgeons - if they work a long career, choose to live in a literal cardboard box on the sidewalk, and invest every penny they make? They would struggle to reach that cap before they die of old age, even if they live very long lives. The only way to earn more money than this is to earn your wealth primarily by taking advantage of the labor of others.
Any money earned beyond this? Taxed at 100%. And at some point above this cap? Simply having that amount of money becomes a criminal offense. I want to make it a felony for someone to have a fortune over $1 billion. Mandatory minimum 20 year sentence for secretly amassing a fortune over $1 billion. Make Bezos and Musk give all their money away, flee the country, or blow their fortunes on the single greatest party in the history of the human race. Frankly I would be OK with any of these outcomes. But they cannot be allowed to retain these strategically dangerous fortunes. They have declared war on the rest of us. And it’s time we started responding in kind. We must wipe out the billionaires as an economic class entirely.
“There should be no billionaires” is not just a slogan. It is a concrete policy we could choose to enact.
That’s why we need a national wealth cap. Forget the tax. We need a maximum wealth. You simply are not allowed to have more than a certain amount of money. We need bounded capitalism. Capitalism can be a very useful system. It has a lot of merits over central planning. But in any kind of machine or system that humans devise, when is it ever beneficial to let any parameter increase to infinity? Let an engine spin too fast, and it will tear itself to pieces. Build an irrigation system that delivers an unbounded amount of water, and your crops drown. A well insulated house heated by a powerful furnace can bring comfort. Let it burn an arbitrarily large amount of fuel, and you will be cooked alive in your own bed. No system that humans design for our needs and comforts works when one of its core values is allowed to increase without bound. Inevitably this throws the whole system out of balance and leads to disaster.
And what is our economy and society if not an elaborate machine? A way of distributing resources, assigning work, etc? Allowing people to earn different amounts of money is a very useful thing. It encourages people to produce useful goods and services. It encourages innovation. It incentivizes getting an education and contributing to society. We’re not perfect at any of these. Market mechanisms have many flaws. But our system does have a lot of merit over simply assigning everyone the same flat wage for all work done. It is useful to allow people to accrue modest fortunes. But that useful mechanism, completely unbounded? It unbalances society and tears us apart.
1000x the median household income. We set that as the maximum allowable fortune. 1000 times the average family wage. That I believe is the place to set such a cap. This would be approximately $80 million. This is so much money, that even the highest paid wage workers - people like brain surgeons - if they work a long career, choose to live in a literal cardboard box on the sidewalk, and invest every penny they make? They would struggle to reach that cap before they die of old age, even if they live very long lives. The only way to earn more money than this is to earn your wealth primarily by taking advantage of the labor of others.
Any money earned beyond this? Taxed at 100%. And at some point above this cap? Simply having that amount of money becomes a criminal offense. I want to make it a felony for someone to have a fortune over $1 billion. Mandatory minimum 20 year sentence for secretly amassing a fortune over $1 billion. Make Bezos and Musk give all their money away, flee the country, or blow their fortunes on the single greatest party in the history of the human race. Frankly I would be OK with any of these outcomes. But they cannot be allowed to retain these strategically dangerous fortunes. They have declared war on the rest of us. And it’s time we started responding in kind. We must wipe out the billionaires as an economic class entirely.
“There should be no billionaires” is not just a slogan. It is a concrete policy we could choose to enact.