There’s a video going around where Bill Gates refuses to say he’ll vote for Warren over Trump. The implication is that billionaires are greedy. I think that’s too simple a take.
If Warren says to Gates: You own $100 Billion in assets so pay $50 Billion in cash, that’s a very destructive way to deal with inequality.
If she says: You spent $50 million on a private jet so pay $100 million tax (a 67% rate) that’s much more reasonable.
If she makes a plan where listed companies as they grow are forced to deposit a portion of their shares in a public wealth fund, say 40%, that’s also worth discussing.
It’s urgent to climb own from the insane levels of inequality in modern capitalism, but to do so requires better tools than scaling up a % tax. I think separating the power to consume (CEO pay, personal wealth) from the power to direct firms and investment is a key component. If you do this right, the better companies and billionaires will be on your side.
The Left needs to put out articulate policies, which recently they do, and the media has to cover them. Right now there’s media bias casting the Left’s economic plans as vague or unrealistic. I wonder if Gates will visit Warren so she can personally explain her plan.