My living standard is a function of my personal wealth/income and the health of the society and the functions the government provides.
Elon Musks income (realised when he takes out personal loans against his equity), taxed at marginally higher rates trending to 100% above say $1 billion, would deliver more money to the government for schools, hospitals, transport, science, mental health etc,
That would benefit everyone and not really change Mr Musk's purchasing patterns or standard of living due to the way "propensity to consume" works at extreme wealth levels. Significant personal luxury, mansions, jets, art, yachts, etc can be had for under $1 billion per year in realised income.
So while it is true my personal wealth is not lessened by Mr Musk's success, my possible living standard and that of my countrymen is below what is possible by not effectively taxing him and deploying that money into government functions.
Not to mention the way he and other high net worth individuals use their wealth to influence elections and lobby government legislation and policy...
Elon Musks income (realised when he takes out personal loans against his equity), taxed at marginally higher rates trending to 100% above say $1 billion, would deliver more money to the government for schools, hospitals, transport, science, mental health etc, That would benefit everyone and not really change Mr Musk's purchasing patterns or standard of living due to the way "propensity to consume" works at extreme wealth levels. Significant personal luxury, mansions, jets, art, yachts, etc can be had for under $1 billion per year in realised income.
So while it is true my personal wealth is not lessened by Mr Musk's success, my possible living standard and that of my countrymen is below what is possible by not effectively taxing him and deploying that money into government functions.
Not to mention the way he and other high net worth individuals use their wealth to influence elections and lobby government legislation and policy...