Assuming billionaires were going to get a special tax, how would you actually determine how much to tax them? Sure some would be straightforward like Musk where it’s entirely derived from a few companies with known ownership stakes, but what about all the others?
We don’t even know the names of most of the billionaires. With all the games they can play to hide money, now made even easier thanks to the changes Trump made in his first few months, how would you even figure out who and what amount to tax? They don’t have a normal salary or easily documented income like everyone else.
100% inheritance tax on any value over 5 million, and slam shut any loopholes that get found.
Force them to either spend it stimulating the economy or give it up to society directly.
A small nitpick - always take inflation into account. “$5 million inflation-adjusted for 2025”.
It seems like a small thing, but setting a non-inflation adjusted amount is how good systems are undermined. For example, Medicare/Medicaid.
Medicare had some inflation adjustments built in - but it was for things like premiums and deductibles. In other words, the cost adjustments that fall on the consumer. Every year, the premiums go up, based on inflation.
Meanwhile, doctor reimbursements are NOT inflation adjusted. Thus, Medicare gets more expensive over time but doesn’t deliver the same quality of service (because the doctor reimbursements have less buying power).
Politicians use this trick ALL THE TIME, to gain the support of older voters while fucking younger voters over. They introduce a service that’s fully funded, but designed to enshitify over the coming decades.