The idea that it’s fine to tax people who are billionaires because they don’t “need” it is dumb and misses the point. They’re right — a guy worth $50 billion bucks isn’t going to need 5,000,000 swimming pools. He doesn’t need 1,000,000 luxury private islands.
That’s why he DOESN’T SPEND the money buying all of those random luxuries. A couple of huge houses is a minuscule sliver of their money, and increasing taxes won’t stop that consumption.
This is why those billionaires “spend” their capital in investments.
Very, very little of a billionaire’s wealth goes to his consumption. The rest stays in productive assets. This means a billionaire tax taxes production and not evil-rich-jerk-consumption like what the Democrats try to argue.
Taxing billionaires doesn’t stop them from dining on duck. The only people impacted negatively in terms of “stuff” is everyone else who doesn’t see a mall that would have been built or a cheaper car that could have been financed. The billionaires still have their toys, but the poor have fewer jobs and opportunities.