Billions are often made when entrepreneurs seize market share from sleepy incumbents
is gaining popularity—especially among candidates to be America’s president. Elizabeth Warren wants to take up to 6% of their wealth in tax every year. Bernie Sanders says they “should not exist”. “Every billionaire is a policy failure,” goes a common left-wing slogan. In Britain’s election, too, the super-rich are under fire. Jeremy Corbyn, the leader of the Labour Party, says that a fair society would contain none.
Yet many others operate in competitive markets. The retailers owned by Mike Ashley, one of Mr Corbyn’s targets, are known for low prices and ruthless competition , not rent-seeking. For every Mark Zuckerberg, the boss of Facebook, there are several technology entrepreneurs with lots of rivals. Think of Anthony Wood, who created Roku, a video-streaming platform; or Tim Sweeney, co-founder of the firm behind “Fortnite”, a video game.
Taxes should be levied progressively. But that does not justify limitless redistribution or punitive levies. Ms Warren’s proposed wealth tax has already doubled once during her campaign. Thomas Piketty, an economist behind many of the most-cited inequality statistics, wants a wealth tax of up to 90% on the richest billionaires. Such expropriation would surely chill incentives to innovate and to allocate capital efficiently.
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