[AlmaKing]

“an 80 percent income tax to stop wealth inequality from increasing”

This idea has failed since central planners have existed.

The definition of insanity is doing the same thing over and over and expecting a different result. AE

[fhayek]

I am of the opinion that wealth inequality is a good thing. Edison, Ford, Rockefeller, Gates, Westinghouse, and millions of other entrepreneurs are motivated by the possibility of attaining great wealth from their efforts. If accumulating wealth becomes impossible, why bother? Entrepreneurs create innovations that make the quality of life better, as well as industries which create new jobs.

[pepsi_junkie]

“an 80 percent income tax to stop wealth inequality from increasing”
This idea has failed since central planners have existed.

Actually, if your goal is to stop wealth inequality from spreading, the best approach is to stop people from acquiring wealth. People will just give up. Easier to just go fishing. So in that sense, this approach will work really really well. If "stopping wealth inequality from increasing" is your goal.

On the other hand, if your goal it to grow the economy, this will fail. Every single time.

But we all know punishing the rich is way more important to lefties than growing the economy or advancing civilization.