The wealthy should be punitively taxed beyond a net worth in the low tens of millions, using a hysteresis-style curve that starts this wealth tax at $10M at 0%, and rises to 100% at $100M.
Not because this taxation can be properly redistributed - it can, especially with no-overhead UBI - but because the only way to reach those levels of wealth is to steal from the labour of others.
We need to make that theft impossible to achieve, from both directions. And the easiest to implement is from the top down, with a combination income & net worth tax, including treating loans on the backs of shares as income.
Not because this taxation can be properly redistributed - it can, especially with no-overhead UBI - but because the only way to reach those levels of wealth is to steal from the labour of others.
We need to make that theft impossible to achieve, from both directions. And the easiest to implement is from the top down, with a combination income & net worth tax, including treating loans on the backs of shares as income.