Wealthy

The new mayoral candidate in NYC says there should be no billionaires. As of late 2024, 813 U.S. billionaires held a combined wealth of $6.72 trillion. There are 150 million working families in the US and if this money were confiscated by the government and given to the working families, they would each get $45,000. While this would be a banner year for these families what happens next. It is like Margaret Thatcher said, socialism is great until you run out of the other guy’s money. Throughout history the concept of redistribution has been a theme of governments and each, including present day USA, has developed various means to equalize income and wealth. The wealth distribution in today’s USA is too large and some measures must be taken but just grabbing the assets from the rich is not the way to go. Increasing income tax rates and providing benefits for low-income people would be more acceptable. Using things like surtax and child tax credits would be a more balanced approach.