We do need to tax the wealthy more, around the globe. The economic impact of excess wealth in the hands of a very few is deeply destabilising for society as a whole.
It is also straightforwardly economically undesirable: the accumulation of wealth in the hands of a few does reduce the capacity of billions of people to affordable spend to meet their needs. The gross wealth inequality the world is witnessing is a profound cause of injustice.
Bezos is also a rare case of a US multi-billionaire who has not made commitments to divest himself of wealth e.g. to charitable foundations.
Specifically using the example of Bezos is idiocy. His wealth comes from entrepreneurial activity. One effect of which has been the “Amazon Effect”. Which is that the inflation rate has been lower in every country that Amazon operates than it would have been without Amazon.
That is, each and every year billions have been better able to spend to meet their needs as a result of Bezos’ activities.
That’s before we even start to look at things like the consumer surplus and so on.
The European Central Bank…(…)…According to the bank, Amazon and its peers have pushed down inflation by about 0.1 to 0.2 percent.
Per year that is. Of course, the effect is larger on some items than others but that’s averaged out across the whole economy. The US plus EU economy is about $40 trillion a year. Just between friends, you understand. 0.1% of that saved by consumers as against their incomes is $40 billion a year for a decades. $400 billion then. At minimum, before the consumer surplus and all that.
Heff Bezos gets less than we do. This is a problem because?