April 12, 2022
Tax Structure, Continued
There are roughly 750 U.S. billionaires. Robert Reich points out that the aggregate wealth of U.S. billionaires is $4,600,000,000,000. If under a sensible tax system, half of that wealth had been taxed, the average such person would still be worth over six billion dollars and none of them would be worth less than 500 million dollars, so they would all still be quite well off, and the U.S. would have 2.3 trillion dollars to apply for the common good. Plutocracies and oligarchies are not the best way to organize and maintain a healthy society.