Bernie wants a more aggressive wealth tax than Warren. Skip eight minutes and fifty seconds in (8.50). They start talking about Bernies wealth tax.
To oversimplify a little bit: The only billionaires should be big factory owners. Like ship-builders or dirigibles builders, Heliostat builders, Small floating modular thorium reactor builders ……..and in their capacity as a sole trader. That takes care of 80% of economies of scale if such people aren’t taxed on retained earnings of their stand-alone factories.
If they reinvest in depreciating producer goods, sure they can keep their wealth. But if they pull drawings out they should have to pay most of it in taxes. Maybe as high as 90%.
With modern billionaires, all their wealth is tied up in fakery. Its not in direct productive power. Its not in heavy metal. The wealth of the modern billionaire is all reliant on fake entities.
Shares, trusts, derivatives, obligations held over the heads of other people. So with this one caveat I would support Bernie:
If you rich slobs want to keep your billions; take the money out of all these trusts and pay off your debts. Clean your room you dirty billionaire. Invest in a big factory providing wealth. Or we should take that wealth off you. If your wealth isn’t supported by way of industrial production you ought not have it.
We want jobs and we want hard-core productive power.
Heavy Metal Don’t Mean Rock And Roll To Me