"A group of more than 100 millionaires and billionaires on Wednesday presented fellow members of the global economic elite with a stark choice: "It's taxes or pitchforks." "In an open letter published amid the corporate-dominated virtual Davos summit, 102 rich individuals—including such prominent figures as Disney heiress Abigail Disney and venture capitalist Nick Hanauer—warned that "history paints a pretty bleak picture of what the endgame of extremely unequal societies looks like." "For all our well-being—rich and poor alike—it's time to confront inequality and choose to tax the rich," the letter reads. "Show the people of the world that you deserve their trust." "The letter was released hours after an analysis conducted by the Fight Inequality Alliance, the Institute for Policy Studies, Oxfam, and Patriotic Millionaires showed that a modest annual wealth tax targeting the world's millionaires and billionaires would raise $2.52 trillion dollars a year, enough to lift billions of people out of poverty and vaccinate the world against Covid-19." More...
A wealth tax is a slippery slope. If you have a million dollars in your 401(k), welcome to the millionaires club.
The thing about slippery slopes is, there's always someone pushing back, so a lot of slippage is rare.