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There's an argument that any one person controlling that much money is harmful to everyone else. Above $1 billion what can you even spend the money on?
Private planes don't cost that much. Even a super yacht or the most expensive house in the world cost less. You can buy islands for less.
Once you have a billion dollars you can live off of 4% without touching the principal. You can just blow $40 million every year. No wonder billionaires think they can do anything. They can as long as they don't spend too much.
Edit: I calculated wrong. They can live off 6% to 9% every year, since they will have to spend all their extra money so it's not taxed 100% at the end of the year.
That's $60 - $90 million. Just wasting it every year and replenished by growth the next year. It's essentially risk-free, unless they pull an Elon and lose billions for no reason.
That spending would actually be really good for the economy. I like this idea better now.
Where did that gap of the median 99%'s assets and the assets of the 1% come from? Could it have come from wages that could have been yours if excess profit was based on how much you contributed to the organization's productivity?
@littlewonder @theotherverion
I quit working for the establishment and corporations about 8 years ago. No more.