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Wealth taxes are stupid. That said, nobody needs multiple hundreds of billions of dollars.
The solution is to have regulations and laws in place that prevent them getting this large in the first place. The fact that Amazon and Google own 90% of the internet is absolutely fucked.
I agree, no one should be able to hold such an obscene amount of wealth. Right now they do, though. How do you propose this be remedied?
Tbh you would have to create a really good anti trust taskforce full of people that lost everything to these humongous companies, people whose stores got undercut and etc.
I say this because the only way Colombia fought against Escobar's control of the police was by having a task force full of people whose family or friends had died to the cartel.
This said, yhe defenetly, not one entity that has that much power should be there without being voted in. How would you feel if the gov owned the internet, cuz that doesn't sound good to me. Soo yhe between voting for whomever controls most of the internet or having better anti trust laws and regulating forces idk
Not with a wealth tax. I'd say just break up the companies and share prices will adjust to reflect.
Right, let's go back in time and fix it.
60% of middle class wealth is held in their property. Guess what get's taxed? Their property. Right now we have a wealth tax on the middle class who are carrying a very disproportionate tax load compared with the rich.
And, even if they don't own it, Microsoft, Amazon, and Google probably still help run it with Microsoft Azure, AWS, and Google Cloud.