Earlier quoted context omitted.
Countries that have no rich people are never prosperous. You can raise marginal income tax rates from, say, 60% to 70%, and maybe that's a good idea overall, but it doesn't get rid of billionaires. High-tax Sweden has as many billionaires per capita as the US does: https://en.wikipedia.org/wiki/List_of_Swedes_by_net_worth If you raise the marginal tax rate to 99%, then you get rid of billionaires, but you also kill y…
I agree with you that it isn't practical right now to get rid of billionaires. However, I don't think that it's some kind of economic theorem. The reasons that socialism failed are complex, and pure capitalism failed as well (think Gilded Age), which is why everyone lives in a mixed economy. It is reductionist to say that the 1976 IMF Crisis was caused by the tax rate instead of excess spending, monetary policy, and…
In other words, inequality can be a sign of good (upward mobility, vibrant economy) as well as bad (poor people getting poorer).
Fixing the latter is important. "Fixing" the first is harmful.
Any solutions should focus on giving the average and the poor the ability to improve their situation. Reducing the number of rich should never be the goal.