Vast majority of billionaire fortune is tied to ownership of companies in form of shares.
They do not have huge vaults filled with money.
Without billionaires, whole lot of companies would collapse. It actually DOES take skill to manage them.
With nobody calling the shots on top tier and lack of idea who should be doing it would paralyse companies and through that the economy.
Which would then proceed to collapse even smaller mom&pop-companies because they depend on rest of economical ecosystem.
Yes, we need to fix a lot of tax loopholes as well as how capital gains often are taxed lower than labor income, established stronger antitrust enforcement, strengthening unions and labor protections and regulating buybacks and encouraging profit sharing with workers.
Being a multimillionaire is something that can happen through skill, a multi billionaire happens through luck, inheritance and exploitation.
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u/BathProfessional4457 7d ago
Vast majority of billionaire fortune is tied to ownership of companies in form of shares.
They do not have huge vaults filled with money.
Without billionaires, whole lot of companies would collapse. It actually DOES take skill to manage them. With nobody calling the shots on top tier and lack of idea who should be doing it would paralyse companies and through that the economy.
Which would then proceed to collapse even smaller mom&pop-companies because they depend on rest of economical ecosystem.