[mercutio2]

How much wealth do you think would be redistributed if governments confiscated all the assets you think are held be billionaires?

There just isn’t that much wealth to be expropriated. It wouldn’t go very far.

So no, I don’t think you’ll get broad agreement that confiscating wealth from the very rich is even numerically a viable strategy.

Not to mention the fact that historically expropriation isn’t exactly associated with the generation of social welfare.

Now, as it happens, I’m in favor of higher progressive taxes!

But we can’t pretend we can create a social welfare state just by picking on billionaires. The middle class would need to be taxed generously for that to pencil out.

[teknopaul]

In theory you dont have to confiscate wealth or assets for this idea, you could just prevent share owners from taking out and spending more than X per year. And/or have high income tax at the top end of the scale without expropriation of assets. There is a precedent for the viability of this, most billionaire company owners don't take out all their stock and attempt to spend it in their lifetime. People who build up huge enterprises seem happy that others and future generations benefit. Some try to spend it on good causes before they die. An unspendably large pay check or comparatively small pay check compared to company growth does not seem to stop people from trying to build up the business to the day they die. It seems it's power/success rather than cash that is the driver. Many people are happy to have the company own the yacht they are swanning around on.

[verisimi]

Its an impossible answer. I don't think it is a viable strategy either.

I don't think you are right about how much wealth the rich hold. The middle class would not need to be taxed. The illegitimate ruling class should just have the bulk of their wealth confiscated (at least according to the proposal I am trying to air here). The billionaires would still live well, but the rest of would have a chance to utilise all the assets that are currently being sequestrated away from us.

We see articles such as, 'World's 26 richest people own as much as poorest 50%, says Oxfam':

https://www.theguardian.com/business/2019/jan/21/world-26-ri...

I think this is a joke - we don't even know who holds what as it is all in off-shore, tax free funds and trusts, shares, etc. So the true amounts of wealth are bound to be far higher. Also, if it were possible to resolve the ownership structure, you would see that everything is owned by individuals - only living people own things. People direct the trusts, own the funds, corporations etc.

What I'm trying to get across is the fact that if we were genuinely seeking solutions, releasing this stockpiled wealth would be the simplest. It would be at least deserving of some consideration. And I'm not talking about releasing it into an NGO that directs how culture is to be created.

But we have the opposite - we are moving into a complex, AI managed world, where the poor are going to be paying carbon taxes, water taxes, have more expensive electricity and be unable to ever consider owning anything for themselves. This won't mean that ownership as a concept will have gone - it will mean the billionaire class will own everything, and the rest of us will be demoted to serfs, aka overt slavery.

But as I said I don't think this is viable answer either.

And I'm not sure what the right answer could be. For a start governments are a problem - they do not act for people, they are beholden to corporate interests. The legal system is also a problem - it only works for the rich - how can it be ok for the richest to pay no tax? Let's all not pay tax! Let's pay for the services we want. But, government has become a comfort blanket for most - most people are happy to pay 40% of their income to have their bins collected.

[scatters]

What assets are actually being sequestered? Isn't billionaires' wealth in paper?

If that paper wealth was confiscated and spent, it would lead to a significant increase in demand, so central banks would have to implement sharply contractionary policy, or see all that newly distributed wealth inflated away. How would that leave anyone better off?

[simonh]

You refuse to say what you mean by 'confiscated' or how that might work. Until you do so, it's meaningless and impossible to evaluate as an option. Frankly, you don't seem to have the slightest conception what 'wealth' actually is.

Wealth is control of economic assets - companies, resources and property. Transferring wealth means transferring that control. For example it means taking Tesla away from Elon Musk and giving it to someone else. So what I'm asking is, who would that control go to and how would it be exercised to better serve the average person? If you can't answer that question, you're not making a proposal it's possible to evaluate. I may disagree with Marxists, but at least they have an answer to this question.

[verisimi]

I'm not refusing to say. I just don't know what agency could do it - they are all captured and run by the elite class already!