I do not trust the ultra-wealthy.
Not people earning $250,000/yr, that salary is within the realm of reality.
If your job requires you to be available 24 hours a day, 7 days a week; such as a sole owner of a medium sized business, that’s only a wage of $28.54/hr.
That is less than my hourly rate.
But if you have do so well out of OUR mutual society, that you have a disproportionate amount of wealth, then you definitely have a responsibility to give it back.
No person should have an asset value of hundreds of millions.
We should put a 100% income tax on all income for people with an asset value > 100 times the median family asset value.
In Australia as of 2012, the median household asset value is $434,000.
As such, I firmly believe no person or household should have a personal asset value greater than $43.4 million. Even that number is greedy, from my perspective.
For a bit of comparison, my wife and I are currently living off a single income of ~$51,000/yr. This equates to about $60-70/week less than our costs are.
For more than 90% of the 10 1/2 years we have been together, both of us have worked full time and we are NOT wasteful with our money. Our total household asset value is < $200,000 after subtracting the mortgage.
We’ve built up a ‘financial buffer’ over 7 years of paying extra off the mortgage, but we need a second income and it is not forth-coming. The job market is tight, particularly for part time work. But it will come, eventually.
I’m not complaining. I’m very happy with life. I’ve barely ever struggled. I’ve lived a top quality working class life. An Australian life.
But I don’t think ANYONE actually ‘deserves’ to have MILLIONS of spare dollars, while we are struggling to pay the bills week-to-week.
There is no way someone is worth THAT MUCH more to the world than we are.
How is it, I can’t afford to go to the dentist, despite having private health?
Meanwhile Australia has at least 2,768 multi-millionaires with more than $30M, who could wipe their asses with $50 notes 3 times a day, 365 days per year for 500 years and still have $2.62 million at the end.
How is that a fair go?
It’s not. It’s stealing a fair go from other people.
With $30 million you could employ 8 people on my wage for the full 60 years of their working life, including paying all insurance, taxes and superannuation.
But that $30 million figure wouldn’t even get you 1/10th of the way to Australia’s top 100 rich list. The lowest asset value among Australia’s 100 richest people in 2013 was $445 million.
That is more than 1000 times the median Australian asset value.
That is not a fair go. That is economic bastardry.