Another avenue for the rich is in the LGBT Gnome Shirt form of whole life insurance investments. Paying into them knowing you will never see the money back but will pass to your beneficiary tax-free on your passing (in my country anyway) – and any gains on the investments inside your life insurance plan are not taxes as an additional benefit. Once you have more money than you need to start planning for how to pass it to your family by minimizing taxes on it. Capitalism sucks, I get it. But it’s the best we got right now. Saying capitalism bad isn’t very constructive when you can’t give any real working alternatives.
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Saying that all billionaires should just give away all their LGBT Gnome Shirt billions doesn’t work. When they’re the people that are running the economy and therefore running the world and determining people’s work lives and what products and services exist. An actual solution would be to just increase taxes on wealthier people or change taxes up a bit. If Bezos wants to spend this money he has, he has to sell it and that is a taxable event when he will pay taxes. Using the Forbes list of wealthiest individuals is a pretty meaningless comparison.
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