Again people confuse paper wealth and material assets. If you take half of money of 0.001% people imagine there will be material change in world of atoms but thats not true. You can't take 8 mil Richard Mille watch and build an apartment building. We are mostly resource constrained. There are no material assets to convert all the paper wealth into. Telsa's physical assets are like 5% of Tesla's market cap the rest is cultish belief in Elon. You can't convert that into a hospital. It's trivial to observe on AI side there is unlimited amount of $ available and yet companies are supplied constrained on the atoms side from gas turbines having 3-4 year lead times to ASML running 24/7 prod cycle and yet unable to meet demand.
You can tax wealth, assets and paper wealth as well. Some countries like Switzerland does it. Annual tax is 0.05-0.3% and that what should billionaires pay to the society.
You can and Pollock paintings will go for 80 mil instead of 110 and luxury assets will drop in price but will still be owned by same people. Switzerland is tiny so not very constrained. There is some elasticity for converting paper wealth into physical things but it is miniscule. I think COVID should've being a pretty strong lesson there.
Again people confuse paper wealth and material assets. If you take half of money of 0.001% people imagine there will be material change in world of atoms but thats not true. You can't take 8 mil Richard Mille watch and build an apartment building. We are mostly resource constrained. There are no material assets to convert all the paper wealth into. Telsa's physical assets are like 5% of Tesla's market cap the rest is cultish belief in Elon. You can't convert that into a hospital. It's trivial to observe on AI side there is unlimited amount of $ available and yet companies are supplied constrained on the atoms side from gas turbines having 3-4 year lead times to ASML running 24/7 prod cycle and yet unable to meet demand.
You can tax wealth, assets and paper wealth as well. Some countries like Switzerland does it. Annual tax is 0.05-0.3% and that what should billionaires pay to the society.
You can and Pollock paintings will go for 80 mil instead of 110 and luxury assets will drop in price but will still be owned by same people. Switzerland is tiny so not very constrained. There is some elasticity for converting paper wealth into physical things but it is miniscule. I think COVID should've being a pretty strong lesson there.