No. I don't agree. I don't want a wealth tax. I want a wealth CAP. 1000x the median household income should be the maximum allowable fortune. That would be something like $80 million today.
I like that number because 1000x the median income is a good approximation for the largest honest fortune a person can earn by their own work. Imagine you had a married couple:
- Both were brain surgeons and highly paid.
- Both attended school young and worked til old age.
- Both lived like absolute paupers, saved and invested every penny they could.
Even in such an extreme scenario, two people in a couple working highly paid jobs and saving and investing nearly everything they could. Even then, they would struggle to die with a fortune 1000x the median income. The only way you can earn more money than this is if you inherit it or if you arbitrage the labor of others. You need to start a business, be an executive, or have other means of scalping the surplus off of other people's labor.
1000x the median income is the largest honest fortune. It's the largest fortune you can earn through an ordinary salary and prudent individual investing. And it's well below the level where you have so much money you're becoming a threat to society. No one should have an individual fortune so large that they can sway nations through their own wealth. That is just too much power for one individual to have. We don't let people own nuclear bombs. We shouldn't let people be billionaires.
I don't want to tax billionaires. I want to eliminate them entirely. I would make all fortunes over 1000x the median income taxed at 100%. And if you secretly amass a larger fortune? There would be escalating criminal penalties. To the point where having a fortune 10x the legal limit would get you in as much legal trouble as if you tried to acquire your own nuclear bomb.