"Under this plan, the wealth of billionaires would be cut in half over 15 years which would...break up the concentration of wealth and power of this small privileged class." I never figured you for a plutocrat. Cut the deficit. Invest in infrastructure. Build the middle class!
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Suffice it to say that there is very likely no inheritance of any kind coming my way. I favor a progressive system of taxation **because** I think it's the best way to meet the simultaneous goals of funding government *and* allowing wealth to grow across the board.
I think it's profoundly irresponsible and frighteningly authoritarian to use taxation as a means of setting a soft cap on the total net worth of citizens. It's very hard to argue that taxation isn't about confiscation when you're explicitly attempting to reduce someone's assets.
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Never mentioned a soft cap. Don't think the Rockafellers went belly up did they? Doubt Bill Gates will go belly up either. Those that make the most should pay the most. It's that simple. It is profoundly irresponsible to allow a gap to grow like it is growing between people.
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I don't think the gap is the problem; it's poverty & stagnating growth at the bottom. I'd be happy to see wealth growing at *all* levels, & IMO we can get there by targeting geographic immobility, runaway costs in healthcare/education & housing shortages in high-growth regions
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