Mmastodon BusinessEconomy first seen 10 h ago, last 1 h ago, peak #1
Calls grow for 90% taxes to break billionaire power
Original: Yes, billionaires must be taxed out of existence - eg, robber-baron style: 90+% The primary reason for taxing them is to
An economist is arguing that billionaires should be taxed at over 90%, in the tradition of rates once applied to robber-baron-era fortunes. The stated aim is not revenue: as a sovereign currency issuer, the federal government can create the money it spends. Instead, the point is to shrink the political power of oligarchs, who the argument claims threaten democracy itself. The proposal echoes wider debates about wealth taxes and the influence of extreme wealth on politics.
Why now: Ongoing public debate over billionaire wealth, oligarchy and democracy has made radical wealth-tax proposals a talking point.
billionairesUS federal government
Evidence
- Yes, billionaires must be taxed out of existence - eg, robber-baron style: 90+% The primary reason for taxing them is to *decrease their power*, eg, to destroy democracy. The feds do *not* need oligarch money for fed spending. As a sovereign currency issuer, the feds can… · DrALJONES · 22
- Yes, billionaires must be taxed out of existence - eg, robber-baron style: 90+% The primary reason for taxing them is to *decrease their power*, eg, to destroy democracy. The feds do *not* need oligarch money for fed spending. As a sovereign currency issuer, the feds can… · DrALJONES · 9
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