On Oligarchs
The problem with oligarchs is that they have way too much money and wealth with which to do bad things if they choose to do so. Too many do. Most want to impose the golden rule, the one where he with the most gold rules.
Wealth begets bad things like the god complex which begets corruption. Fully half of Republican Senators and House members directly or indirectly owe their seats to the Kochs. The Kochs couldn’t vote in many places many times, but they could and did use their wealth to manipulate the manipulables by making elections about cultural issues. The despicable soon-to-be owes his election somewhat to the Kochs; more to wealthier newbies.
The god complex is a neurological disorder describing someone who has a lot of psychological issues like narcissistic personality disorder, superiority complex, and libertarianism. It offers explanation for the greed associated the accumulation of excessive wealth which is in turn associated with terrible things like the origin of human enslavement.
Given that once empowered the wealthy are, as Teddy and The Progressives, and generations found out, difficult to put back in a cage; and that there is no net positive on their existence; the better choice would be to keep them from getting so very wealthy.
Opinions might vary, but $20 million max seems a reasonable upper limit for personal wealth, providing an income of around $1 million in today’s economy. Which, again, opinions might vary, should be enough and leave more for those with too little.
This could be done by declaring increases in wealth to be income and taxing same at a progressive rate of say 0% below $0.5 million in wealth and 100% above $20 million. Likewise, impose a progressive rate tax of say 0% on below living wage/yr level incomes and 100% on those above $1 million/yr.
I would like to ask one question to those that advocate tax cuts for the wealthy are needed for economic growth: how did the economy, wages, inflation and the stock market perform so well in the 1950’s and 1960’s when the highest marginal tax rate was greater than 90%?
The economic growth thing is antiquated; even Krugman has abandoned it.
I have no problem with the wealthy. Musk has done more for America in the last 10 years than any other single person on earth. Good to great things. Why shouldn’t he be the recipient of the wealth from it. Why should a homeless person receive anything since the majority WANT to be homeless. There’s also the problem of jealousy, which many writers have because they know they will never be that rich or contribute that much to society. In the end, in order for a wealthy person to stay wealthy is to invest in a product that requires all to purchase, or use. Why is that a problem?
1. Musk does for Musk and has little concern for labor much less domestic labor.
2. The country is wealthy beyond belief and we can easily peel off a few billion here and there, starting with Musk and then move on down the line collecting more to provide jobs, educate, rehabilitate, and supply shelter for the homeless.
3. I am very comfortable in life as is Joel and other authors here. We provide for others and go well beyond the tipping practice to make sure working students, labor, and others who serve us have something to help sustain them.
4. The wealthy are here to invest in America because it is not as available in the countries they have come from to America. There is a cost for that opportunity. They can always return to their original country and face the taxes there.
Your not having a problem is a false premise and not a basis for your discussion points.