For many years I’ve argued that the consolidation of great wealth in the hands of a few undermines our democracy.Wealth is most dangerous when transformed into political power.founded and funded in May by other tech oligarchs. On Tuesday, Musk distanced himself from that claim, saying that the actual amount is lower.A second way Musk is transforming his wealth into political power is by posting pro-Trump, anti-Kamala Harris messages to his 189 million followers on X, formerly known as Twitter.
Maybe we should call it the Mump – the joining together of two rich and famous narcissists who crave attention, lie through their teeth, enjoy provoking critics, hate labor unions, refuse to be held accountable for anything and have utter contempt for democracy. If a wealth tax is not politically feasible, an alternative would be to end the “stepped-up basis” inherent tax rule that allows heirs to great fortunes to avoid paying a dime of capital gains taxes.