1464 Curing Wealth Disparity

The natural result and biggest threat to a capitalist society is wealth concentration because it creates people with so much money that they aren’t subject to market forces and, subsequently, distort democracy into what it is today, and needs to be corrected. Curing the Top 1% wealth problem is not complicated but it would be vehemently resisted because the simplest solution is to limit inheritance. In America’s past, that’s what happened, plus high income was taxed over 90%. However, the ultra-wealthy were able to use their inordinate amount of money & power to change those high progressive rates to the relatively low ones we have today, creating emerging dynasties. Limiting the familial propagation of money needs to return. For example, each heir could only receive an annuity that would provide a comfortable but not exceptional life. Anything imaginary, such as money or stocks would simply disappear, hard assets would be sold to finance the annuity, and real property would convert to lifetime only occupancy. If an heir is truly capable, the parents should start transferring management of a business but not ownership over to them before death, and let them make their own money. Furthermore, let the benefactors give away all of their money to whoever they want, limited to some reasonable level. This would maintain the overall wealth in America without it being concentrated, and give a whole lot of people a head start, curing the problem while still recognizing individual liberty. Taking a 100 or so fortunes every year is workable because how many houses, cars, yachts & ex-wives does someone need? The alternative of doing nothing ends in aristocracy or revolution.