93% of U.S. households' stock market wealth is held by the top 10%

Re:93% of U.S. households' stock market wealth is held by th... by Yizahi on Thursday January 11, 2024 @04:10PM (#38959126)

It is very easy to answer (and impossible to actually do). Two things:

1. Progressive taxation scale. Not the fake system we have in every developed country, but the real progressive system, which doesn't end at the minuscule sum of 100-200k, but is proportional until the infinity, certainly into the billions.

2. "Ban" offshores and tax heavens.

If this has happened somehow magically a vast majority of the financial issues would go away immediately.

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Re:93% of U.S. households' stock market wealth is held by th... by jampekka on Thursday January 11, 2024 @04:54PM (#38959776)

Something quite close to this was done after the 30's depression and after WW2.

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Re:93% of U.S. households' stock market wealth is held by th... by LeifCarrotson on Thursday January 11, 2024 @04:25PM (#38959315)

Simultaneously, an unfathomably large sum of money would become available in use-it-or-lose-it fashion to the billionaires. Political spending on the 2020 election was about $15 billion, while you're advocating a system that would substationally rebalance a $4.4 trillion national revenue stream. Do you think that the rich would spend more than $15 billion fighting that? Bezos made $70 billion this year and in previous years had an effective tax rate of about 0.9%. Increase that rate to 37% - or extrapolate a curve forward from $578k - and if he succeeded then by himself he could profitably spend more fighting this proposal than Biden, Trump, and every super PAC spent in 2020.

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