Look, if everyone is a millionaire then no one is rich. We don’t want that level of chaos now do we?
/s
To be fair, $1 million, while a shit ton, is not rich. $10 million and up is astronomical. $999 million is obscene when people are starving.
Most Americans, and most humans, will never save $1 million. (The median USA household income in 2024 was apparently $83K. This is enough to earn $1 million over the course of a household’s earning.)
Applying the 4% rule to the above, $1 million invested could safely return $40K per year. $10 million likewise $400K per year.
My point is that there are many actual millionaires in the USA and that there is a large difference between the top and the bottom of “millionaire”.
Said another way, the vast majority of millionaires are working class and would benefit from most wealth distribution policies in one way or another.
No redistribution, just fair compensation, no more hoarding.
I mean, no more hoarding implies redistribution. You can’t just say “you can’t hoard any more” and then just leave the hoard owners with their hoards alone. You kind of have to break up and redistribute their hoards.
One way to fix it could be to tax investment gains at a higher rate than wages.
Which is just redistribution, but passively. And badly.
We should some Georgism at the bare minimum. Land-value and stock-value taxes. Again, just redistribution but over a longer window of time.
Valuation of public stocks is easy. Valuation of privately held stocks and loans is a mess.
Thanks for pointing out Georgism. https://en.wikipedia.org/wiki/Georgism
