[ibigb]

Would a wealth tax benefit society? It would seem that if an individual was creating wealth, other individuals would be wise and say: "you keep going!" How would it profit society to interfere with the genius who was creating lots of wealth?

Perhaps a better way to add richness to society would be to examine the use of an inheritance tax. When a genius wealth producer dies wouldn't it be in society's best interest to find a way to funnel that wealth so that other individuals with good potential can use it to create economic activity which could benefit everybody.

Right now so much money can be funneled to descendents, perhaps some of whom never knew the economic genius it created the wealth. These descendents then don't need to apply themselves in life, but instead can lead a life of leisure which often is not beneficial to them or society. Witness what happened to Max Factor's grandson, who I believe is still in prison.

It would seem funneling the wealth from a deceased economic genius into capital for individuals with great potential to realize their ideas would enrich all of us. Right now there are probably many individuals who could create amazing things if they had access to the right education and capital.

[dodnest]

It's more important to look at why the rich might be a problem than why their money might be useful to us. I know a lot of non-billionaires spend their lives defending them, but there is a case to be made for why their industries and disproportionate social power have been hurting society and a wealth tax is a small way of balancing out wealth inequality which, yes, is a bad thing, and you can do a thorough read of wikipedia if you don't think it is a bad thing.