> In my opinion that’s straight up immoral.
In comparison to the bottom 75/90 percent (rough estimate) not being able to survive their retirement.
Let me read what you said another way: “let’s tax old people”
Young people don’t have money compared to older people because old people have generally spent their lives saving it. So if you put that wealth tax in place, why the heck should any of them save.
What you suggest will lead to disaster. Getting old is not a lottery.
Hah
My old man and his wife have a couple of million in real estate and paper assets. For the most part they didn't 'save' any of it. It's theirs due to policies that promote asset inflation.
Seriously. They bought houses in the early seventies for probably around $80k total. Adjusted for wage/price inflation, $500k. Financed natch. Now worth about $4 million. Yeah their 'savings' amounts to about 12% of their real estate wealth. Likely even less percentage of their paper wealth.
Young people don't have money because the balance between return on labour and return on capital have shifted in the favour of capital. Near zero interest rates with consequent asset inflation is one mechanism by which this has been achieved.
Eventually the people actually doing the work will say enough is enough (or hit the opiates), and society starts to crumble. Go have a look at the nearest bridge or highway (in the US), you will see what I mean.
Surely now people can see there is not much connect between how hard you work and how much wealth you have. It's a lottery, lets redistribute the proceeds.