Mmastodon BusinessEconomy first seen 8 h ago, last 2 h ago, peak #1

Calls grow for billionaires to be taxed out of existence

Original: Yes, billionaires must be taxed out of existence - eg, robber-baron style: 94% The primary reason for taxing them is to

Economist-sounding voices online are arguing that billionaires should be taxed out of existence, drawing comparisons with the robber-baron era of the late 19th century. The argument frames extreme wealth as a threat to democracy rather than a revenue problem: since a sovereign currency issuer does not need billionaires' money to fund spending, the purpose of such taxes would be to strip the ultra-rich of their outsized political power.

Why now: The debate over extreme wealth concentration and its political influence is resurging amid ongoing arguments about oligarchy and tax policy.

billionairesthe federal governmentrobber barons

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Evidence

• Yes, billionaires must be taxed out of existence - eg, robber-baron style: 94% 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 *never*… · DrALJONES · 24

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