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The Rich Can't Get Richer Forever

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Re: The Rich Can't Get Richer Forever

#11

Post by TCR19 »

k__ wrote: post #2

If we make more and more of the earth/universe usable for humans and only 'the rich' own these usables, why not?

I wonder what happens to society in a theoretical scenario where the foundation of why we build societies change. I understand this is way over simplifying it, but one of the basic premises of building a society is to control a finite resource. [We are going to control this water, this farmable land, oil field, etc.] I wonder what would happen to society if we were able to make more and more of the universe useable, if 3d printing became so efficient we were able to make our own goods, or other scenarios that would make it so we no longer needed to rely on a society in a classic sense to accumulate a "limited" resource. Would it fundamentally change how we govern ourselves or would we just change what metrics we use to define the rich/not rich?

Re: The Rich Can't Get Richer Forever

#12

Post by Scoundreller »

toomuchtodo wrote: post #6
nugget wrote: post #4

Implementation may be politically difficult, but the solution isn't rocket science: substantially raise the inheritance tax and abolish all trust loopholes.

Also raise taxes on investment income and implement a land value tax.

I like the idea of progressive property tax rates.

Figure out the median property value, make the first 50% of that tax free. Then the next 50% is taxed at the previous rates. Then tax values above that enough to make up for it.

Could apply the same idea to land value taxes too.

Re: The Rich Can't Get Richer Forever

#13

Post by lastofus »

nugget wrote: post #8
toomuchtodo wrote: post #6

Earlier quoted context omitted.

Also raise taxes on investment income and implement a land value tax.

I believe lower taxes stimulate productive investment of both human and financial capital so I'd prefer to lower income and investment taxes. But this only seems fair and sustainable if you raise the inheritance tax to a very high level. The problem isn't wealth so much as dynastic wealth. Land value tax I support 100%.

Isn’t this a restatement of trickle down economic theory (sans raising inheritance tax), which has not really panned out when attempted?

Re: The Rich Can't Get Richer Forever

#14

Post by throwawaysea »

Why is inequality a problem if everyone else’s quality of life is improving? Poverty is lower than ever and most adults in developed countries have a smartphone, an unimaginable luxury that not even the richest could have twenty years ago. Things are good.

Re: The Rich Can't Get Richer Forever

#15

Post by seanmcdirmid »

isostatic wrote: post #10
k__ wrote: post #2

If we make more and more of the earth/universe usable for humans and only 'the rich' own these usables, why not?

Eventually, society revolts, and 'the rich' end up owning a place for their head in a basket.

That is optimistic. The rich could also just get rid of all the poor people they don’t need. Armed drones even reduce the need for human soldiers to get that done.

Anyways, let’s hope for much more peaceful solutions.

Re: The Rich Can't Get Richer Forever

#16

Post by dv_dt »

throwawaysea wrote: post #14

Why is inequality a problem if everyone else’s quality of life is improving? Poverty is lower than ever and most adults in developed countries have a smartphone, an unimaginable luxury that not even the richest could have twenty years ago. Things are good.

Globally quality of life is improving, locally the US is regressing to third world status among larger and larger areas. Financial measures somewhat cover up the increase in instability in people’s lives.

Re: The Rich Can't Get Richer Forever

#17

Post by barrkel »

throwawaysea wrote: post #14

Why is inequality a problem if everyone else’s quality of life is improving? Poverty is lower than ever and most adults in developed countries have a smartphone, an unimaginable luxury that not even the richest could have twenty years ago. Things are good.

Everyone else's quality of life isn't improving. US real income for the middle classes has been stagnating since the 70s - https://www.pewresearch.org/fact-tank/2018/08/07/for-most-us...

Re: The Rich Can't Get Richer Forever

#18

Post by bt848 »

seanmcdirmid wrote: post #15
isostatic wrote: post #10

Earlier quoted context omitted.

Eventually, society revolts, and 'the rich' end up owning a place for their head in a basket.

That is optimistic. The rich could also just get rid of all the poor people they don’t need. Armed drones even reduce the need for human soldiers to get that done. Anyways, let’s hope for much more peaceful solutions.

Yes, all those laborers the rich don't need: https://www.angryflower.com/348.html

Re: The Rich Can't Get Richer Forever

#19

Post by throwawaysea »

barrkel wrote: post #17
throwawaysea wrote: post #14

Why is inequality a problem if everyone else’s quality of life is improving? Poverty is lower than ever and most adults in developed countries have a smartphone, an unimaginable luxury that not even the richest could have twenty years ago. Things are good.

Everyone else's quality of life isn't improving. US real income for the middle classes has been stagnating since the 70s - https://www.pewresearch.org/fact-tank/2018/08/07/for-most-us...

Income isn’t quality of life or purchasing power.

Re: The Rich Can't Get Richer Forever

#20

Post by 6gvONxR4sf7o »

nugget wrote: post #4

Implementation may be politically difficult, but the solution isn't rocket science: substantially raise the inheritance tax and abolish all trust loopholes.

The primary metric in OP is income inequality, which is historically high. You're primarily addressing wealth, which is connected, but not the same. Taxing inheritance will do very little towards income inequality.
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