Tim Bray argues wealth concentration has created a de facto hereditary aristocracy and that annual wealth taxes (not income taxes) are the practical fix.
Key Takeaways
The 0.1% preserve dynastic wealth via mechanisms like Dynasty Trusts, which legally shelter assets across generations while Bezos/Musk pay near-zero income tax.
Income tax progressivity stats are misleading; the NYT piece cited explains how accounting abstractions make income easy to hide, making wealth taxes more enforceable.
IMF research cited suggests offshore hidden wealth is smaller than assumed: 8% in developed nations, up to 30% in poorer ones, making a wealth tax more viable.
A 2% annual wealth tax above a threshold of tens of millions is argued to leave lifestyles intact while generating meaningful public revenue.
Patriotic Millionaires and figures like Avi Bryant (pre-IPO Twitter windfall) represent wealthy individuals actively supporting higher self-taxation.
