General Discussion
In reply to the discussion: Can we talk about a Maximum Wage? [View all]hunter
(38,302 posts)... a generous welfare system, a generous retirement system, and something like "minimum wealth."
Nobody would have less than that, and taxes would approach 100% at levels twenty times that.
In effect we would tax the uber-wealthy out of existence. There would be no incentive to hoard wealth or cash.
The guy who owned the corporation might live in a big house next door to the neurosurgeon, and the night janitor might live a few blocks away in a nice condo. Their kids would attend the same schools, and they'd shop in the same stores.
Nobody would be uber-wealthy, but nobody would be uber-poor either. The wealthy who wanted a higher standard of living would have a very strong incentive to make certain the work they were doing was improving living standards for everyone.
If the wealthy wanted their maximum wage to rise, they'd have to work to raise the minimum wage.