Oh and are you going to hard code these numbers into the law? Because rich people would respond by deflating the currency to the point where the average person makes 10 cents a day and a millionaire is inflation-equivalent to a billionaire today.
Or they’ll split a 10 billion dollar company between 20 of their closest friends and family, 500 million each, to stay under the cap.
Or a thousand other loopholes people will use. Take a company private and just declare it at worth only a million.
What do you mean by forced divestments?
Oh and are you going to hard code these numbers into the law? Because rich people would respond by deflating the currency to the point where the average person makes 10 cents a day and a millionaire is inflation-equivalent to a billionaire today.
Or they’ll split a 10 billion dollar company between 20 of their closest friends and family, 500 million each, to stay under the cap.
Or a thousand other loopholes people will use. Take a company private and just declare it at worth only a million.
Selling off half their stocks or ¼ of their their majority share to lower their stake in their own businesses so their wealth is stifled.
Selling it to who though? And who gets the money from the sale? Taxes? But rich people already control the government…