I’m really confused about this one. I have spent a lot of time the past few years with billionaires. Like, traveling the world with one in particular.
Serious politicians building a brand on a wealth tax indicates that a significant populist contingent wants to strip-mine the American dream, and that’s depressing enough. But worse, imo, is that so many of these people think human beings are fungible — how do you live like this?
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I’ve known him since he was a mere multi millionaire. And he hasn’t changed in any material way as I watched his wealth grow after the IPO and as the stock continued to multiply. He passed the threshold of countable material wealth and after that he stopped even looking.
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"Strip-mine the American dream" is a really powerful frame - kudos. But you need to back up the claim no matter the frame. Now a couple of Qs: 1) Do you believe that a non-negligible part of success is due to pure luck? 2) If so, do you think something should be done about it?
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I’m going to need you to define “pure luck”
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A wealth tax also means that the founders, who really care about their company and employees, lose control of their enterprise to financial managers primarily concerned with quarterly and annual reports. Expect bad business decisions and lots of layoffs.
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The American dream is not “let me find a way to exploit the system to become a billionaire”.
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I think it's easy to forget that at a certain point wealth is sufficient to manipulate the system so you literally aren't playing by the same rules as everyone else.
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Why are people so freaked out by a wealth tax? Switzerland, that haven of confiscatory communism, has a wealth tax!
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Just so you know, the original income tax only applied to the richest 3,000 or so US citizens. Now it applies to everyone.
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