alt Hacker NewsI’m getting unsolicited texts all the time about how the “billionaire tax” in California is the worst thing ever. No matter if you think the tax is misguided, it’ll probably work at preventing the billionaire tax from passing, but it’s a good firsthand demonstration at how power accumulating to billionaires tends to accumulate even further. Only billionaires have the resources to fight back so aggressively against any encroachment on their power.
That gets into an idea I've been pretty adamant about. People say that capitalism is the worst system except for all the others, but its actual property is that it's inevitable. Money (power) can be used to gain more power. If even a few people choose to do so, if not countered intentionally by some outside force, wealth and power will accumulate.
Whether you see that as good or bad or something which needs to be checked and controlled is a separate discussion, but it's an obvious and expected result.