I sorta get you but I do think a soft cap is the way to go. those pyschopaths will literally just go underground. hiding wealth, capping all family and such. I mean they do this anyway basically but with a soft cap it just makes it harder for them to decide which is worse. working more or finding a better system to get more or working more or finding a better way to circumvent the system.
There are ways around this. For example, let’s say you set the wealth cap at 10 million. You write a law that says, “anyone that reports an illegal fortune larger than this will receive half of the money confiscated from this illegal fortune to divide tax-free among yourself, friends, and family.”
Billionaires don’t know how to manage their own money. They hire accountants. So you make it so any random accountant can rat out an illegal billionaire and get paid enough to not only max out their own lifetime allowable fortune, but those of all their friends and family.
Sure, the billionaire could avoid this by just dividing up his wealth among his own friends and family. But in that case, he’s still losing control. And that’s ultimately the point of this. Thousands of low-digit millionaires are infinitely superior to one billionaire.
thats an interesting take. problem is we are already dealing with tens of billions which is closing in on hundreds to likely some of these finance guys are already pulling in hundreds of mil. Might have to start that cap at a billion and titer it down.
How are you going to drive your third lambourghini around without alerting authorities that you’ve been stealing from everybody? How are you going to live in your mega stupid mansion without very quickly getting a knock on the door from the tax man?
because you don’t own the lambourghini or the mansions. you just use them time to time. its not has hard as you make it. I mean its happening right now. Many rich people have property owned by corps that are owned by trusts. there is this whole specific thing because the company owns thing liability wise but the trust does ownership wise. its a crazy rabbit hole if you ever want to go down it.
Uh huh, but it doesn’t work like that. Somebody has to own that lambo at some point, be it a person or company. You could have 100 people pool together half their resources and have half a billion dollar company that rents out lambos but at that point, what is the point of it all?
If in that universe, with wealth caps, somebody wants to show off with a Lamborghini, go ahead, its dumb. You’re sinking boat loads of money into showing off to other people that you’re just as rich as they are.
Either way, that doesn’t matter. Nobody can cross the 10M line, nobody is stupid rich, governments get huge incomes, to me it sounds like a great change
don’t get me wrong its better than now. Just because I have an alternative method does not mean I feel what we have now is better. well. than anything.
Then we need to seriously rewrite corporate charter law. For example, maybe it shouldn’t even be legal for corporations to own other corporations. Limited liability as a concept has some value, in terms of encouraging investment. So there is value in LLCs existing. But we don’t need the free-for-all we have now. We could move corporate governance to a white list model, where there are only a set series of structures you’re allowed to use to organize a company.
Among these are the regulations would be restrictions on the forms of compensation you’re allowed to provide high-value employees. Maybe the only legal form of pay for executives should be salary.
And again, you can enforce this by relying on the little people that the executives don’t even recognize as human. Does a CEO formally have $10 million to their name, but they have exclusive use of a $100 million mansion provided by their company? Fine, let the janitor rat him out, and in turn the janitor will end up owning that mansion.
it shouldn’t even be legal for corporations to own other corporations.
100% agree
And again, you can enforce this by relying on the little people that the executives don’t even recognize as human. Does a CEO formally have $10 million to their name, but they have exclusive use of a $100 million mansion provided by their company? Fine, let the janitor rat him out, and in turn the janitor will end up owning that mansion.
These are some forms of possible cheats, yes, but again ask the question: does it make sense? Why would anyone permit the CEO of the company where they are a shareholder to live in a 100 million dollar mansion if it won’t get you anything? That CEO won’t get you anything more than 10M. The only way it would work is that those at the top of that company would get luxury things from the company while the company itself doesn’t have the resources to survive because the limited resources went to the CEO.
In any case, this was just a single rule, feel free to add a few more :)
I do feel like we should not allow logical entities to own other logical entities. you can have a wrap something up to allow for pooling assets with individuals but it does seem like allowing multi levels like this causes all sorts of shenanigans. so yeah you can have a trust but no owning companies and if a company buys a company it becomes a combined company or the sale is not allowed.
this gets a bit complicated. Do we want most companies contracting out with other companies extensively as a matter of course. Like boeing or such. I mean with 1k I think they would just design and then you would need another that is manufacturing. I guess like we have with processors but then of course the many parts are different companies but that s the way it is now anyway.
I sorta get you but I do think a soft cap is the way to go. those pyschopaths will literally just go underground. hiding wealth, capping all family and such. I mean they do this anyway basically but with a soft cap it just makes it harder for them to decide which is worse. working more or finding a better system to get more or working more or finding a better way to circumvent the system.
There are ways around this. For example, let’s say you set the wealth cap at 10 million. You write a law that says, “anyone that reports an illegal fortune larger than this will receive half of the money confiscated from this illegal fortune to divide tax-free among yourself, friends, and family.”
Billionaires don’t know how to manage their own money. They hire accountants. So you make it so any random accountant can rat out an illegal billionaire and get paid enough to not only max out their own lifetime allowable fortune, but those of all their friends and family.
Sure, the billionaire could avoid this by just dividing up his wealth among his own friends and family. But in that case, he’s still losing control. And that’s ultimately the point of this. Thousands of low-digit millionaires are infinitely superior to one billionaire.
thats an interesting take. problem is we are already dealing with tens of billions which is closing in on hundreds to likely some of these finance guys are already pulling in hundreds of mil. Might have to start that cap at a billion and titer it down.
Good luck going underground.
How are you going to drive your third lambourghini around without alerting authorities that you’ve been stealing from everybody? How are you going to live in your mega stupid mansion without very quickly getting a knock on the door from the tax man?
because you don’t own the lambourghini or the mansions. you just use them time to time. its not has hard as you make it. I mean its happening right now. Many rich people have property owned by corps that are owned by trusts. there is this whole specific thing because the company owns thing liability wise but the trust does ownership wise. its a crazy rabbit hole if you ever want to go down it.
Uh huh, but it doesn’t work like that. Somebody has to own that lambo at some point, be it a person or company. You could have 100 people pool together half their resources and have half a billion dollar company that rents out lambos but at that point, what is the point of it all?
If in that universe, with wealth caps, somebody wants to show off with a Lamborghini, go ahead, its dumb. You’re sinking boat loads of money into showing off to other people that you’re just as rich as they are.
Either way, that doesn’t matter. Nobody can cross the 10M line, nobody is stupid rich, governments get huge incomes, to me it sounds like a great change
don’t get me wrong its better than now. Just because I have an alternative method does not mean I feel what we have now is better. well. than anything.
Then we need to seriously rewrite corporate charter law. For example, maybe it shouldn’t even be legal for corporations to own other corporations. Limited liability as a concept has some value, in terms of encouraging investment. So there is value in LLCs existing. But we don’t need the free-for-all we have now. We could move corporate governance to a white list model, where there are only a set series of structures you’re allowed to use to organize a company.
Among these are the regulations would be restrictions on the forms of compensation you’re allowed to provide high-value employees. Maybe the only legal form of pay for executives should be salary.
And again, you can enforce this by relying on the little people that the executives don’t even recognize as human. Does a CEO formally have $10 million to their name, but they have exclusive use of a $100 million mansion provided by their company? Fine, let the janitor rat him out, and in turn the janitor will end up owning that mansion.
100% agree
These are some forms of possible cheats, yes, but again ask the question: does it make sense? Why would anyone permit the CEO of the company where they are a shareholder to live in a 100 million dollar mansion if it won’t get you anything? That CEO won’t get you anything more than 10M. The only way it would work is that those at the top of that company would get luxury things from the company while the company itself doesn’t have the resources to survive because the limited resources went to the CEO.
In any case, this was just a single rule, feel free to add a few more :)
Person wealth cap at 10M
Company wealth cap at 1B
Company employee cap at 1000
I do feel like we should not allow logical entities to own other logical entities. you can have a wrap something up to allow for pooling assets with individuals but it does seem like allowing multi levels like this causes all sorts of shenanigans. so yeah you can have a trust but no owning companies and if a company buys a company it becomes a combined company or the sale is not allowed.
Person wealth cap at 10M
Company wealth cap at 1B
Company employee cap at 1000
this gets a bit complicated. Do we want most companies contracting out with other companies extensively as a matter of course. Like boeing or such. I mean with 1k I think they would just design and then you would need another that is manufacturing. I guess like we have with processors but then of course the many parts are different companies but that s the way it is now anyway.