The gap between the haves and have not’s, the 1 percent and the 99 percent seems to be getting greater all the time. “Have not” sounds so negative and isn’t really true. Maybe we need to change the name to the “Have very little.” The “haves” would then become the “Have too much.” The middle class might become the “Have some.” Most taxes like income tax and sales tax impact the have very little and have some more than they do the have too much. We need to set a limit on how rich people can be. A person can spend only so much money, drive so many cars and live in so many homes. Beyond that amount, excess money is just wasted. Research will determine what the limit should be, but for the sake of argument, I suggest we set the limit a person can keep to $250 million. Any earning and assets above that must go to the government. I propose that every year people calculate their wealth: income, investments, savings, personal property, etc. Then everything above $250 million goes to the government. It’s not a tax, it’s a forfeiture. If you want to call it a tax, then it is a 100% tax. We would also cap inheritance at $250 million as well lottery winnings and civil law suits. Everything above $250 million would go to the government.
If rich people want to benefit from the excess over the cap, they can share the wealth. By that I mean hire more employees, give out pay raises and bonuses, donate to charities and invest in research and development.
Just to give you an idea of what that would mean, here are the forfeitures for some selected have too much:
1. Bill Gates - $71.7 billion
2. Warren Buffet - $58.2 billion
3. Charles Koch - $35.7 billion
4. David Kock - $35.7 billion
5. Jim Walton - $33 billion
A nice sum for the US budget. (This was based on 2014 figures—sorry)