Posted 9 years ago on Sept. 29, 2011, 1:28 a.m. EST by shinyheart
This content is user submitted and not an official statement
Money doesn't really exist. Money is just a claim check upon the capital resources of the real economy. It's just a virtual artifice built upon real output.
Therefore, I agree with TEDster Malcolm Gladwell in believing it is socially justified to raise the top marginal tax rate to something like 90%, so no one can make more than ~2 million per year, and also to raise the estate tax and the effective corporate tax rate. http://www.newyorker.com/online/blogs/festival/2010/10/video-malcolm-gladwell.html
First, because speculators, bankers, and hedge fund managers are not socially productive at all, let alone enough to justify making what they make.
Second, because every human being is entitled to food, watter, clothing, and education, because there is more than enough to go around - just because you work on Wall Street doesn't mean you can squander the (finite, but growing) capital production of society on luxury goods while people starve.
"Those who create phantom wealth, and those who are the beneficiaries of mutual funds or retirement funds invested in phantom wealth, may never realize that they are giving its holder a claim on the real wealth produced by others, and that phantom-wealth dollars created out of nothing dilute the claims of everyone else to the available stock of real wealth. They may also fail to realize that Wall Street and its international counterparts have created phantom-wealth claims far in excess of the value of all the world's real wealth, creating expectations of future security and comforts that can never be fulfilled."
Money doesn't really exist, but people do...think about it.