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Robin's avatar

I worked for many years as a financial advisor. I didn’t have any billionaire clients, but I had plenty who were multi-millionaires. To be clear, they were mostly lovely people! But here’s what (at least somewhat) radicalized me: They didn’t need most of their money. They were accumulating it easily (the miracle of compound interest, kids!) and favorable tax policy made it easy to hold on to what they had and pass to their heirs. Why do we not pay into Social Security above 184K? Easy— someone did the math and realized it wouldn’t be “fair” for wealthy people to pay in more than they get out. (It is) Why do we not tax carried interest (the primary way hedge fund operators get paid)? Cuz they lobbied hard to ensure that Congress didn’t approve it. Why do we not have a wealth tax? Because the wealthy have scared the rest of us into thinking they’re coming for us. (I live in California and I received a mailer against our proposed wealth tax implying exactly that, and I am def not a billionaire!)

Again, my clients were not monsters! But observing them made it crystal clear to me that we don’t have to treat wealthy people with kid gloves. They will be fine. Their heirs will be fine. We (voters, politicians, the media) have a romanticized vision of a successful business person. Beth described the small business person giving back to the community. But many, many people of means are way beyond this level, and they are completely detached from the connection to the community. And these are the same people happily giving millions to politicians to ensure that they don’t have to pay taxes. Excessive wealth corrupts. DSA policies are a little naive, but someone has to say the quiet part out loud: We don’t want little Johnny to study hard and go to a good college so he can become Elon Musk!

Just as a frame of reference, the billionaire who is trying her darndest to reduce her net worth is Mackenzie Scott, Jeff Bezos’ first wife. According to Wikipedia, as of 2025 she had given away $26 billion. I couldn’t find the value of her divorce settlement, but her own net worth as of the end of 2025 was reported to be $40 billion. This after actively trying to give it away for six years! The billionaires (and the $100 millionaires) will be just fine.

Liz Brack's avatar

Wow this was a great conversation! I’d like to key in on a few themes that yall seem to be in tension around where I think you actually need to think about them not as “this or this” but rather “this AND this”.

We don’t want the government to pick winners and losers. We have market failures.

These are both true and both should be held while choosing economic policy. The truth is capitalism requires competition and competition cannot exist without government intervention.

Some things are too big for individuals. We need to pool resources for education, defense, infrastructure and public safety.

The environment is a great example. A company motivated solely by greed will pollute for short term gains especially in this world of stock holder incentives. We need the government to step in to preserve it.

We’ve had untended capitalism for 40 years and the result is greed not common good driving policy. Populism is rising because collective action is the only way to push back on the massive amount of wealth that has been accumulated with our resources is being hoarded not paid forward. Our new world has allowed so much separation that these leaders never face the people whose claims they deny, the workers who they let go and the communities whose environment they destroy.

Wealth isn’t evil and it isn’t created alone. You should not be allowed to hoard it because it was not created solely by you.

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