The article discusses Thomas Paine’s warnings about the corrupting influence of extreme wealth in politics, which he articulated over 200 years ago. Paine advocated for a wealth tax with a top marginal rate of 100% to counteract oligarchy and promote economic equality—an idea rooted in the views of America’s founders, who believed that significant property concentration threatened republican government.
Paine’s proposed tax structure aimed to limit extreme wealth through highly progressive brackets, applying to those earning over $49 million annually, thus targeting billionaires. Modern proposals such as Elizabeth Warren’s and Bernie Sanders’ share similar goals but lack the automatic enforcement of Paine’s idea, which would capture future wealth without needing new legislation.
The article emphasizes the growing disparity between the wealthy and the poor in terms of political influence and campaign costs, arguing that without addressing wealth inequality, true democracy cannot function. Ultimately, it posits that a 100% tax on billionaires is a necessary and common-sense solution to curb the entrenched American oligarchy.
