Concentrated wealth concentrates political power too. For democracy to work; even a hybrid one with a representative government, the concentration of wealth need be de-escalated. Taxing the very rich 60% would accomplish that and roll back the power of plutonomy slightly.
What to do with the income? Just two things. Pay off the public debt and compensate and support Americans unable to find meaningful work because of changes in the economy from products of the rich like A.I., robotics, other technology and/or social persecution.
The entire structure of the economy may need to be overhauled soon because of economic, environmental and demographic challenges. A more egalitarian allocation of national income would make it politically possible for needed political adaptation to occur. And that requires much higher taxes on the rich.
One of the troubles of making meaningful political change to the political establishment is the existence of broadcast and paid professional media that panders to select elites on the left and right, and that perpetuates the existence of elites on the left and right running government rather than a more egalitarian selection of society.
https://suno.com/s/YCA3bPVtCQ4htVIP Humbled Fingers
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