Thomas Jefferson said: “There is…an artificial aristocracy founded on wealth and birth, without either virtue or talents…. The artificial aristocracy is a mischievous ingredient in government, and provisions should be made to prevent its ascendancy.”
As part of the plan, I would also propose enacting a permanent 70% inheritance or estate tax on all estates of more than $1 million. This alone, over fifty years, would be sufficient to pay back our entire government debt outstanding as there are tens of trillions of dollars of wealth held by our more elderly citizens. But, if we did so, and to avoid getting in this mess again.
A large estate tax also helps address another equally big problem in our country, the fact that huge inequality has led to large disparities of opportunity amongst our young people. We have become a country of inherited wealth and status, an idea we revolted against 230 years ago. We need to return to being a meritocracy in which skilled, innovative, hard work is rewarded, not just being a rich kid member of the lucky sperm club.