I think the OP’s proposal is great but impossible to implement right away. Some steps have to be taken towards that direction though. First, eliminate borrowing using their stocks as collateral, thus avoiding capital gains tax. That would immediately reduce the number of new mega yachts.
But the biggest boon for society would be progressive taxes on inheritance. It wouldn’t be government’s problem to figure out how it would work. It would be on inheritor to figure out how to pay the taxes on their newly inherited wealth.
>I have an even simpler step one: increase the IRS budget significantly so that they actually have enough resources to go after the big guys.
>It's on a downward spiral consistently, and it was further cut by 9% this year.
Has it been on a downward spiral?
The Inflation Reduction Act of 2022[0] added $80 billion over ten years to the IRS budget[1] (a good step in the right direction, IMHO), but which has now been withdrawn. Gee, I wonder why?
Fun fact: Elon stopped fighting his Twitter purchase around the same time the Inflation Reduction Act was signed. In fact, the purchase was finally completed mere 2 months later.
Hm, I wonder why those two dates happen to be so close. It's truly a mystery.
But the biggest boon for society would be progressive taxes on inheritance. It wouldn’t be government’s problem to figure out how it would work. It would be on inheritor to figure out how to pay the taxes on their newly inherited wealth.