I don't think it's unreasonable to limit a person's total wealth to, say, 100x the median person's lifetime earnings. In America, the median income is about $50k/yr. So 40 years as a wage earner means $2 million. With compounded interest, inflation, and wage growth, it's still under $10 million. So if we capped individual net worth at 100x that, it'd be $1 billion.
The fact that we live in a society where people don't bat an eyelash at people who have literally 100,000x the median lifetime earnings of a person (literally, 1000x what I personally consider reasonable) and yet want more says that our society has passed one of these absurdity tests and just suck down whatever stupid propaganda they promulgate.
So you're not allowed to own a company whose share is worth more than $1b? So everyone would cease productivity after that point because you'd essentially be working for free. Even worse, you have downside.
Suppose you own 10% of a company worth $10b and you love grinding so you keep working, grow it to $20b and your net worth is now $2b on paper so you have to give up 5% to the government, leaving you with 5%, bringing you down to $1b cap. Now the company drops back down to $10b and you now have $500m.
Bezos would have retired when Amazon was worth ~4-5b. But according to the kind of people that want this kind of cap, Amazon would just continue to grow to 50x over the next 25 years just through inertia. Because it's totally normal for a book retailer to 50x over 25 years.
Most uberwealthy aren't doing it for the extra money. And if they are, I think it's fine if they call it quits early. There are plenty more people who could be rich if Bezos/AMZN didn't suck all the air out of the room.
Right, because it's totally normal for an online book retailer to grow to $2.5t company. It was just coincidental that Bezos was involved. Plenty of companies grow at this pace for this long.
titzer · · focus · HN ↗
The fact that we live in a society where people don't bat an eyelash at people who have literally 100,000x the median lifetime earnings of a person (literally, 1000x what I personally consider reasonable) and yet want more says that our society has passed one of these absurdity tests and just suck down whatever stupid propaganda they promulgate.
bko · · focus · HN ↗
Suppose you own 10% of a company worth $10b and you love grinding so you keep working, grow it to $20b and your net worth is now $2b on paper so you have to give up 5% to the government, leaving you with 5%, bringing you down to $1b cap. Now the company drops back down to $10b and you now have $500m.
Bezos would have retired when Amazon was worth ~4-5b. But according to the kind of people that want this kind of cap, Amazon would just continue to grow to 50x over the next 25 years just through inertia. Because it's totally normal for a book retailer to 50x over 25 years.
Makes no sense.
saulpw · · focus · HN ↗
bko · · focus · HN ↗
ahtihn · · focus · HN ↗
saulpw · · focus · HN ↗
jackb4040 · · focus · HN ↗