Jim you have confused wealth with income. Your proposal only tackles the problem of income inequality. We need to do something about wealth inequality. Wealth is not taxed. Income from wealth is taxed at a very low rate. You have done a very good job analyzing the situation to make income disparity disappear but we will need to do something about wealth disparity.
Maybe if you have more than $10,000 in the bank, take 90% of it? After all, we will need that money to help pay the minimum income guarantee. Either that, or maybe we top up everyone’s savings account to $10,000 if they have less than that, and take the rest if they have more. That should keep it fair. But we have to be sure that you can’t spend that money without approval because you may not spend it right.
And homes? It is crazy that there are situations where one or two people live in a large single family home, while at the same time there are families of 5 or 6 or more who live in apartments. I think we should do something about that too.
Great point! A man should be allowed to accumulate only so much wealth. Any excess automatically belongs to the state.