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Elon Musk supports eliminating voting rights for people without children
(www.independent.co.uk)
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this post was submitted on 03 Jul 2023
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politics
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I support 100% tax over $1 billion. If you can't manage on a billion dollars, the rest would be better spent on others, anyway.
It's generally just beneficial for ultra high tax rates as wealth goes up. That's what actually incentivizes "trickle down economics". As the uber wealthy approach the tax limit it stops making sense for them to horde the wealth. And, instead of letting the tax man get it most of them decide to put their money back into the businesses or charities or whatever.
They don't actually have 1 billion dollars tho, they have stocks with an estimated value of 1 billion dollar. I don't think there's an effective way to tax that.
More realistically you can make more tax brackets for levels of income higher than $500k. Cash income regularly exceeds this for CEOs.
You can also pass laws restricting how much can be paid out in ways other than cash both in value and percentage of shares. Or increase capital gains tax further past certain limits (this has already happened in 2013). Or have a graduated tax on loans taken against certain collateral (like stocks, bonds).
The laws themselves can get a bit complicated but such is law. There are plenty of ways to make sure the rich pay their fair share. They just don't want us doing it.
Stop letting people own more than 1 share of a company