alt Hacker News> Some sort of special tax?
Well yeah. After some amount, you get 100% taxes. So that instead of having billionaires who compete against each other on how rich they are or on the first one to go contaminate the surface of Mars or simply on power, maybe we would end up with people trying to compete on something actually constructive :-). Who knows, maybe even philanthropy!
So, who owns and runs the companies? How do new companies get formed?
I'm not against higher taxation of the wealthy. I think inequality is a serious problem. The issue is what the wealth of these people isn't a big pile of cash they are wallowing in, it's ownership of the companies they build and operate. Is that what we want to take away? How, and what would we do with it?
I think it makes more sense to tax it as that power is converted into cash. I'm not clear how a wealth tax should work.