Rich get richer
To the Journal editor:
If you could save $1 million every year, it would take 1,000 years for you to become a billionaire. If wealth greater than $1 billion were taxed at 100%, billionaires would still have $10 million to spend every year for 100 years.
There are more than 600 billionaires in the United States. They do not and cannot spend money as fast as their wealth increases.
Jeff Bezos, is worth $170 billion. His wealth increases by hundreds of millions of dollars each day while others work for as little as $7.25 per hour in order to earn $15,000 in a year.
There is no moral or ethical justification for this disparity It is time for a wealth tax that discourages hoarding, and a minimum wage that lifts people out of poverty.