It feels like “tax the billionaires”, or the more poetic “eat the rich”, became more mainstream post-pandemic. And I think it’s because public services, and quality of life for regular folk, was noticeably worsening.
So, would mainstream anti-billionaire sentiment exist if economic stability and social mobility was easily accessible for all? E.g. was the sentiment alive between 2000-2007?
If no, and stay with me here, is it the billionaire that directly led to underfunded public services and lower quality of life? Probably not. Yet indirectly, via regulatory capture, probably yes. The more they accumulate, the more they influence to accumulate further. Eventually wealth becomes gravity.
And so to the notion of taxing billionaires, using Jeff Bezos as a convenient example. He’s worth ~$250bn. Enough to buy a kebab every second for nearly 8,000 years.
Tax, by the way, became an ugly word that made people run away to Dubai. Normally though, people agree to live in communal areas, and they contribute to keep that area pretty and the community’s needs served. Now scale that thought up to a national level. That’s what tax is supposed to do. It’d cost a libertarian a ton of time and money to train and equip themselves as a firefighter, or road repairer…compared to a community pooling together for a specialised, cost-efficient and resource-efficient team.
Caveat: This is for cities. I can’t speak for remote regions until I’ve completed my Walden life chapter.
Having said that, I can understand why people flinch at tax. For many young people, the social contract has been broken. They might think, “why is a third of my tax bill going to pensioners, some of whom are sitting on immense property wealth, while I have to pay exorbitant amounts to rent a windowless room with a DIY shower unit assembled near my bed? And my calathea is dying”. Tax has negative optics now because trust in public institutions is low.
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