this post was submitted on 02 Jul 2025
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Wealth hoarders are the problem. Millionaires aren't wealth hoarders, and any multi-income home that lives a frugal lifestyle can become millionaires before they retire (and they'll need to, if they don't plan on working into their 80s).
But there should be no such thing is a billionaire, let alone, a billionaire with HUNDREDS OF BILLIONS of hoarded wealth.
Sure, we can tax them more (and should!), but we should also design a system where wealth hoarding isn't incentivized. It should be actively discouraged, and punished at a certain point.
I hear you, and i agree. I don't understand how to achieve it though, a tax on net worth, with brackets starting at 100 million? Wouldn't they just move their money over a place that would hide it?
Moving the money shouldn't make a difference, though. You pay taxes regardless of where you the money comes from or goes to.
Hiding income is illegal already. So more enforcement and steeper fines are about the only things left to do in that case.