Of course when the tax rates were sky high above 75% for the top tax bracket, wealthy people went to greater lengths to spend their money on things that caused a tax deduction. Thus they largely avoided the highest brackets. This increased the velocity of money. It creased middle class wage growth. And it increased the investment in private and public infrastructure.
And low taxes has encourage hoarding. Hoarding is what happens beyond reasonable savings. Everyone should save money but at a certain point of wealth, it's no longer saving. It's hoarding. And Bezos is just one of many examples of hoarders. And I agree it's a public policy failure that he's encouraged to be a hoarder rather than being encouraged to do something else with it, or forfeit 91 cents on every additional dollar he makes to someone with a different (perhaps better or worse) imagination on what to do with it. Hoarding is stagnation across the board.
The other kind of hoarding that drives me crazy happens with patents. No innovation, no licensing, just suing to prevent other companies from using the innovation covered by the patent. If the patent isn't actively used or licensed, it should be expired/forfeit.
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[ 5.3 ms ] story [ 18.8 ms ] threadAnd low taxes has encourage hoarding. Hoarding is what happens beyond reasonable savings. Everyone should save money but at a certain point of wealth, it's no longer saving. It's hoarding. And Bezos is just one of many examples of hoarders. And I agree it's a public policy failure that he's encouraged to be a hoarder rather than being encouraged to do something else with it, or forfeit 91 cents on every additional dollar he makes to someone with a different (perhaps better or worse) imagination on what to do with it. Hoarding is stagnation across the board.
The other kind of hoarding that drives me crazy happens with patents. No innovation, no licensing, just suing to prevent other companies from using the innovation covered by the patent. If the patent isn't actively used or licensed, it should be expired/forfeit.