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OpenAI’s Sam Altman is becoming one of the most powerful people on Earth. We should be very afraid
(www.theguardian.com)
this post was submitted on 04 Aug 2024
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Which is why the tax system needs to be reformed.
The political right actually has one good point that we on the left don't always appreciate: taxes on middle class people should be lower.
Specifically, very liberal tax exemptions on things like 401Ks, including the ability to transfer wealth across generations.
Combine that with higher taxes on the wealthy, and it will be possible to shift power to the middle class.
Consider the total market cap of the S&P 500, rounded up it's about 50 trillion. Divide that among 130 million households and each household should own about $400K in stock on average.
Full equality is neither achievable nor desired by most people, so a good scheme would be to let every household hold up to $1M in wealth, tax exempt.
And then progressively tax everything above that.
How is this ability limited currently in the US?
For one, you can't transfer a 401K to your kids.
You have to first cash it out, pay income tax and then you can transfer what remains.
Lol