Mmastodon BusinessEconomy first seen 16 h ago, last 55 min ago, peak #1
Calls grow for 90% billionaire taxes to curb political power
Original: Yes, billionaires must be taxed out of existence - eg, robber-baron style: 90+% The primary reason for taxing them is to
Commentators are arguing for confiscatory top tax rates on billionaires, in the style of the mid-20th century robber-baron era, with rates above 90 per cent floated. The argument is framed not as raising revenue for federal spending but as a way to reduce the political power of the ultra-wealthy, with supporters claiming billionaires threaten democracy and noting that a sovereign currency issuer does not need oligarch wealth to fund itself. The debate feeds into wider anger over inequality and the influence of billionaires in politics.
Why now: Ongoing concern over billionaire influence on politics and economic inequality is driving renewed debate over extreme wealth taxation.
billionairesUnited States federal government
Evidence
- Yes, billionaires must be taxed out of existence - eg, robber-baron style: 90+% The primary reason for taxing them is to *decrease their power*, eg, to destroy democracy. The feds do *not* need oligarch money for fed spending. As a sovereign currency issuer, the feds can… · DrALJONES · 22
- Yes, billionaires must be taxed out of existence - eg, robber-baron style: 90+% The primary reason for taxing them is to *decrease their power*, eg, to destroy democracy. The feds do *not* need oligarch money for fed spending. As a sovereign currency issuer, the feds can… · DrALJONES · 9
- Yes, billionaires must be taxed out of existence - eg, robber-baron style: 90+% The primary reason for taxing them is to *decrease their power*, eg, to destroy democracy. The feds do *not* need oligarch money for fed spending. As a sovereign currency issuer, the feds can… · DrALJONES · 5
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