Here’s a small set of proposals, definitely well thought of and not made up specifically for this comment to make a point:
Start taxing them heavily on wealth INCLUDING unrealized gains once it hits a threshold, but no wealth tax for normal people. Force companies to become either co-ops or publicly traded when certain thresholds are met - and if the founder has too much stock, the taxes on unrealized gains will force them to sell. But if it’s a co-op, don’t count anyone’s share in it as wealth for taxation, only any profit actually paid out by the co-op. My prediction is that companies with high profit per employee (think Steam) will become worker-owned co-ops and companies with lower profit per employee will be publicly traded (think Walmart, except of course Walmart is already publicly traded)
Ultra high taxes on unrealized gains. There are no taxes on unrealized gains presently, nor a wealth tax. Which is why if his wealth increases 2x, his taxation… just does not, unless Tesla pays him dividends or a salary.
If Elon had to live with a, say, 99% tax rate on anything above a billion dollars and it included his Tesla stock not just money he has for real, he’d be forced to sell, or go to jail for unpaid taxes.
Here’s a small set of proposals, definitely well thought of and not made up specifically for this comment to make a point:
Start taxing them heavily on wealth INCLUDING unrealized gains once it hits a threshold, but no wealth tax for normal people. Force companies to become either co-ops or publicly traded when certain thresholds are met - and if the founder has too much stock, the taxes on unrealized gains will force them to sell. But if it’s a co-op, don’t count anyone’s share in it as wealth for taxation, only any profit actually paid out by the co-op. My prediction is that companies with high profit per employee (think Steam) will become worker-owned co-ops and companies with lower profit per employee will be publicly traded (think Walmart, except of course Walmart is already publicly traded)
How’s public trading supposed to reduce wealth accumulation? Tesla is publicly traded but Elon still had enough money to buy and ruin Twitter.
Ultra high taxes on unrealized gains. There are no taxes on unrealized gains presently, nor a wealth tax. Which is why if his wealth increases 2x, his taxation… just does not, unless Tesla pays him dividends or a salary.
If Elon had to live with a, say, 99% tax rate on anything above a billion dollars and it included his Tesla stock not just money he has for real, he’d be forced to sell, or go to jail for unpaid taxes.
Why 99% and not 100%? Just to mock them.