A wealth tax will not hurt them
by digby
The New York Times is featuring a big story today about Warren’ wealth tax. It points out that even if they had it in place since 1982, their fottunes still would have grown faster than average. Not that I think we should care about that. But it’s still instructive:
“As for the 400 people who made it to Forbes magazine’s list of the country’s wealthiest people, each would have an average worth of $3.1 billion, down from the current $7.2 billion.”
That’s right. They would just have fewer billions! This is not a problem for anyone! Not one person. It’s more money than they could ever spend in several lifetimes.
For perspective once again:
We should not even be having this conversation. That is just too much money for these people to have and it’s distorting our system. Even if you believe in capitalism you can’t look at that and say it really makes sense.
Jamie Dimond says they should be “applauded.” I think that’s absurd. They don’t just want to be fabulously wealthy they want to have ALL the money. That’s greed not accomplishment.
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