My two cents:
Introduce a wealth tax that only kicks in after $1B or even $10B so people still have plenty of motivation to work and get rich.
You are allowed to keep control of a company, (e.g. Elon can keep control of Tesla), but then the stock has to be structured in a way that all financial gains are in a separate vehicle that will be taxed 100% as soon as the stock is sold.
Finally (and most crucially), the money raised by this “tax” will not go to a governments pot but directly be distributed as cash to all Americans to make sure that it can’t be wasted by bureaucrats nor used for partisan purposes.
Basically, if $500B is raised in wealth tax in 2022, by mid 2023 every American gets ~$1500 in cash to spend.
You are allowed to keep control of a company, (e.g. Elon can keep control of Tesla), but then the stock has to be structured in a way that all financial gains are in a separate vehicle that will be taxed 100% as soon as the stock is sold.
Finally (and most crucially), the money raised by this “tax” will not go to a governments pot but directly be distributed as cash to all Americans to make sure that it can’t be wasted by bureaucrats nor used for partisan purposes.
Basically, if $500B is raised in wealth tax in 2022, by mid 2023 every American gets ~$1500 in cash to spend.
What do you think?