this post was submitted on 04 Apr 2026
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because the new deal didn't actually address the root problem of billionaires owning the means of production.
that's where the real power is, and why just taxing them isn't fixing the issue long term.
Securities tax. A type of wealth tax, we confiscate 1-2% of all stocks, bonds, and other financial instruments, each and every year. Not the cash value of those securities; the shares of those securities. Natural persons can exempt the first $10 million of their investment portfolio; no exemptions for corporate investors.
IRS liquidators will hold those securities, selling them off slowly, such that liquidated shares comprise no more than 1% of total traded volume.
"Securities" are "ownership of the means of production". Directly taxing securities melts their returns, and drives the ultra-rich to reduce their ownership stakes.
Alternatively, adopt universal healthcare, and assess the costs of the program to the richest person. When the richest person's wealth has been reduced to #2, the second-richest gets to share the burden. Repeat as needed to fully fund universal healthcare. No single person gets to be "richest"; they get to share that title.
But taxes slow their accumulation of power.
And you're right. We need both.
it does, it also helps us within the confines of the capitalist system. what it doesn't do is solve the problem, they will always worm their way out of taxes or allowing us basic humanities.