Ten Million Dollar Limit!

gingermeggs

Golden Member
Dec 22, 2008
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I was thinking! the other day, If you say had a legal cap on the personal wealth of any individual citizen of a nation- say 10million USD any thing over that amount would be either taken by the gub' or given to charities. It would also need some changes to how a corporation is viewed as in a legal sense.
What would become of such a nation?
After your holding the tenmill, the only way you could further enrich your life would be to enrich your culture, society and environment.
Is this just a coo-coo Idea?
 

Harabec

Golden Member
Oct 15, 2005
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You can't force people to be "nice to society". Especially not by deciding for them how rich they're allowed to be. When you do, you're no longer free.
Greed, hunger and laziness are the best motivators in the world. Sometimes people forget that because it is not PC.
 

daniel1113

Diamond Member
Jun 6, 2003
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I'm sure everything will be peaches and cream since the government has a stellar history of handling other people's money.
 

Craig234

Lifer
May 1, 2006
38,548
350
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Actually, you're on to an interesting question, but you will get limited answers from people who have no idea about it. You might want to look for info available on this.

Of course, from the 1940's to the mid-60's, our own nation had a top tax rate of 91%, leaving a flatter distribution of wealth, but not too flat. Results were pretty good.

You would have to work out details like possessions counting towards the cap, but the bottom line is that you want people incented to be productive without being so powerful as to create an effective financial tyranny, where growth is lower to keep people serving the needs of the wealthy first and foremost (somewhat like the way that the rich under slavery were fine with the lost productivity from African-Americans not being educated and more productive on their own and instead giving 100% of less productivity to them.

You find that there are a lot of benefits to something towards what you suggest, more people getting to be entrepeneurs and more wealth to go around, less poverty.

Actually jut putting a cap at 10 million would need some mor econsideration, though, the higher top tax rate - like the 70% Kennedy 'tax cut' the right loves to praise - might be ok.

Anyone who says that those with tens of millions won't earn more with a 70% rate are having to ignore the history that they did with that and even the 91% rate - though 91% admittedly did lower growth and needed some balancing. It was a wartime rate - hm, maybe that's the solution to cool Republicans' heals on war, have a 91% top rate if they go to war. Suddenly the Iranians don't seem like such bad people...
 

TheSkinsFan

Golden Member
May 15, 2009
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Not just no, but HELLLLLL no.

However, simple socialists like Craig obviously blow loads over the idea, so maybe you and he could run off and start a commune on some random island... good luck with that.
 

XZeroII

Lifer
Jun 30, 2001
12,572
0
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This would not work. The reason is because of simple economics. Eventually just about everyone will be at the $10 million cap. As the number of people who approach that cap increases, you will see massive problems when it comes to supply and demand. You would probably experience massive inflation initially followed by massive deflation. Then you would see the government gain more and more power until there is a single class. It would essentially force us into a form of communism. I'm not sure how else to describe it because the ramifications would be so extreme that I doubt anyone could accurately predict what would happen, but it would certainly fail.
 

Hayabusa Rider

Admin Emeritus & Elite Member
Jan 26, 2000
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Craig, you have to remember that the "official" tax rate was higher, but the loopholes allowed the wealthy to effectively skirt that. Many (not all) have been closed, but that would have to be figured in to what your are saying.

As far as a 10 mil cap, you remove the motivation for those who have achieved to continue. Just quit and live off the interest effectively removing ambition. Doesn't seem like a good idea to me.
 

Jaskalas

Lifer
Jun 23, 2004
34,596
8,655
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Originally posted by: Hayabusa Rider
Craig, you have to remember that the "official" tax rate was higher, but the loopholes allowed the wealthy to effectively skirt that. Many (not all) have been closed, but that would have to be figured in to what your are saying.

As far as a 10 mil cap, you remove the motivation for those who have achieved to continue. Just quit and live off the interest effectively removing ambition. Doesn't seem like a good idea to me.

They would probably view that as a good thing. They consider anyone making more than them to be stealing that money from society. Thus the limitation of that thief is to be celebrated and honored. Not to be looked down upon.

You know what?s wrong with the idea in the first place? They have no authority to do it. They will try, and some sheep will allow it, but others will not permit it.
 

Schadenfroh

Elite Member
Mar 8, 2003
38,416
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What would become of such a nation?
It would only possibly "work" if there was only one nation as rich individuals and corporations would leave and go to another developed nation that lacks wealth caps, even then you would have the big problem with people ceasing to work / invest once they hit the limit. If everyone that had more than ten-million or made enough to reach that limit in their lifetimes split, we would be in very bad shape from a tax revenue and investment point of view....



Did not Huey P. Long suggest something like this?
 

EagleKeeper

Discussion Club Moderator<br>Elite Member
Staff member
Oct 30, 2000
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That will also kill Hollywood and move much of the income/business offshore.
 

Hayabusa Rider

Admin Emeritus & Elite Member
Jan 26, 2000
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Originally posted by: Common Courtesy
That will also kill Hollywood and move much of the income/business offshore.

Well the first is a plus for his plan :p
 

Moonbeam

Elite Member
Nov 24, 1999
73,818
6,520
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ginger, why do you suggest this?

Is it because we live in the dark ages of spiritual occlusion and have no understanding of the value of our lives and waste away in self hate, the only value we can see to remedy our feelings of worthlessness to accumulate things that say, look at me, I have value? Do you want to rescue people from hell?

Or do you want to limit the power that vast sums of money buy? You would still leave the possibility that corporations which were given life by the Supreme Court, would still have vast sums to buy law. Is it that money is the root of all evil?

Or do you want the government to have more money to help those who are poor? Is it that money is a tool that can create some decent things?

I would think that to cure a disease you need to know what the disease is you need to treat.

It does no good sometimes to treat symptoms without addressing the underlying cause.
 

masteryoda34

Golden Member
Dec 17, 2007
1,399
3
81
This wouldn't even do what you want it to. Once a person had reached the "limit", they would quit working and earning money. Since they quit working, there would be nothing to tax. The government would collect very little revenue from a scheme like this.
(Other than that it is an absolutely disgusting idea.)
 

Carmen813

Diamond Member
May 18, 2007
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Originally posted by: Harabec
You can't force people to be "nice to society". Especially not by deciding for them how rich they're allowed to be. When you do, you're no longer free.
Greed, hunger and laziness are the best motivators in the world. Sometimes people forget that because it is not PC.

Perhaps those are the best motivators because our society allows them to be.
 

Moonbeam

Elite Member
Nov 24, 1999
73,818
6,520
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Originally posted by: Carmen813
Originally posted by: Harabec
You can't force people to be "nice to society". Especially not by deciding for them how rich they're allowed to be. When you do, you're no longer free.
Greed, hunger and laziness are the best motivators in the world. Sometimes people forget that because it is not PC.

Perhaps those are the best motivators because our society allows them to be.

Probably there's no perhaps about it. ;) Pack rats in too tight a space and they get aggressive. feed chimps just a few bananas through a door and the biggest males will get all the bananas.

We build our society on competition and competition is hate. The outcome is that we are a violent hateful culture. And the power-holders, who hate government and want term limits, are the incumbents in our sick culture who strive to keep the system they win in just as it is. They don't want term limits for themselves.

To a hammer everything looks like a nail and to a competitor everything is beating others.
 

BoberFett

Lifer
Oct 9, 1999
37,562
9
81
Originally posted by: Craig234
Actually, you're on to an interesting question, but you will get limited answers from people who have no idea about it.

Except Craig of course. He understands everything. He is The Alpha and The Omega. He Is.
 

Moonbeam

Elite Member
Nov 24, 1999
73,818
6,520
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Originally posted by: BoberFett
Originally posted by: Craig234
Actually, you're on to an interesting question, but you will get limited answers from people who have no idea about it.

Except Craig of course. He understands everything. He is The Alpha and The Omega. He Is.

I know you never nit-pick so this isn't really fair, but I think he just stated an obvious truth and not much more:

If you have somebody who has no idea about something you WILL get limited answers from them on that subject. Anything you read into what category Craig puts himself into is your subjective opinion.

Furthermore, if a person has SOME knowledge on something presumably their thoughts will be limited too, but less so, no?

Also, if Craig has the arrogance to tell us he knows everything as you claim, how arrogant is it of you to say differently? Wouldn't you have to know more than he to see his limitations?

If you ask me, Craig offered his opinion that folk will post on this subject based on the limits of what assumptions they bring and you brought the assumption that what he says is of little value.

He gave his opinion and you gave yours. Happy Fourth!
 

CPA

Elite Member
Nov 19, 2001
30,322
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OP, if you actually think that is a good idea then I am at a loss for words. (except these words of course :p)
 

CPA

Elite Member
Nov 19, 2001
30,322
4
0
Originally posted by: Moonbeam
Originally posted by: BoberFett
Originally posted by: Craig234
Actually, you're on to an interesting question, but you will get limited answers from people who have no idea about it.

Except Craig of course. He understands everything. He is The Alpha and The Omega. He Is.

I know you never nit-pick so this isn't really fair, but I think he just stated an obvious truth and not much more:

If you have somebody who has no idea about something you WILL get limited answers from them on that subject. Anything you read into what category Craig puts himself into is your subjective opinion.

Furthermore, if a person has SOME knowledge on something presumably their thoughts will be limited too, but less so, no?

Also, if Craig has the arrogance to tell us he knows everything as you claim, how arrogant is it of you to say differently? Wouldn't you have to know more than he to see his limitations?

If you ask me, Craig offered his opinion that folk will post on this subject based on the limits of what assumptions they bring and you brought the assumption that what he says is of little value.

He gave his opinion and you gave yours. Happy Fourth!

And, unfortunately for all of us, you gave yours. Happy Fourth!
 

piasabird

Lifer
Feb 6, 2002
17,168
60
91
So what happens when you make 10 Million? Dont you believe in capitalism? There are thousands of Millionaires in the world. Many of them like say buffett Have foundations where they use their extra money to help society in various ways like donating to the arts and educational institutions, libraries, etc. Attacking millionaires will only make life less worth living. Some of the largest contributors to needy organization that fight diseases like Aids, MS and Cancer are people that are millionaires or large Corporations. You better think twice before you attack people just because they happen to have made more money than you.

No I am not a millionaire. However, you or someone in your family may become one. Who are you to tell someone else how much money they can accumulate?

You must be a communist.

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