taxing billionaires isn't just about redistributing their money. it's about changing the objective functions that motivate the ultrawealthy.
when they see diminishing returns for increasing their net worth, they might think "hey, maybe instead of using my immense resources to further enrich myself i should do... anything else"
All right, but since I’ve pointed out that it won’t solve any of the main structural issues in our economy to even fully eliminate the billionaire class, what’s the purpose to society of coercing them to stop acquiring money? Just envy?
when they see diminishing returns for increasing their net worth, they might think "hey, maybe instead of using my immense resources to further enrich myself i should do... anything else"