this post was submitted on 10 Jul 2023
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Fine, let's do taxes: how about cleaning the bottom 90%'s debt, with the income from 4 months of the top 0.1%.
...and that's just 30% income tax, it used to be 90% for the rich right after WWII: History of taxation in the United States
It's not that simple, there's a response of the "top 0.1%" moving their property elsewhere or distributing it by various legal means so that they'd have to pay less.
In dumb terms, you have to design a system where 4 people collectively owning 4bln$ would pay the same as 1 person owning 4bln$. Not even mentioning that they can have N friends abroad.
Also there are still "rich" people in Scandinavian countries, who may not directly own nearly as much as Bill Gates, but still have enormous power.
Also this will, in fact, affect inflation.
My point is - money represents power, which is convertible into other means, you can tax money or property, but you can't universally tax power.
Money-wise (as a universal equivalent in a non-coercive system) you can at least somewhat clearly evaluate that power. If you scare powerful people off to convert their power into more obscure media, you won't have that clarity.
So I don't see this as a problem one can solve, but I see other problems more accessible, like patent\IP\trademark\certification laws.