Mmastodon WorldUS Politics first seen 19 h ago, last 11 h ago, peak #1
Economist argues billionaires should be taxed out of existence
Original: Yes, billionaires must be taxed out of existence. The primary reason to tax them is to *decrease their power*, eg, to de
An economist is arguing that billionaires should be taxed out of existence, not to raise revenue but to curb their political power, which he says threatens democracy. He claims the federal government, as the issuer of its own sovereign currency, never needs billionaires' money to fund spending. The argument draws on modern monetary theory and is drawing agreement and debate over the role of extreme wealth in politics.
Why now: Renewed public debate over wealth inequality and the political influence of billionaires
billionairesUS federal government
Evidence
- Yes, billionaires must be taxed out of existence. The primary reason to tax them is to *decrease their power*, eg, to destroy democracy. The feds do *not* need their money for fed spending. As a sovereign currency issuer, the feds can *never* run out of their own currency. See… · DrALJONES · 19
- Yes, billionaires must be taxed out of existence. The primary reason to tax them is to *decrease their power*, eg, to destroy democracy. The feds do *not* need their money for fed spending. As a sovereign currency issuer, the feds can *never* run out of their own currency. See… · DrALJONES · 5
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