I do think that we should institute some kind of limit on this, though. I'm a staunch capitalist, but one person should not have that much wealth.
New wealth can be created and all, but let's imagine for a second that along comes someone who is so brilliant and exceptional and lucky...that they absorb 99% of all the wealth. That is not good for either capitalists or everyone else.
So to address the undertone of the OP, I think we should expect individuals to start contributing 100% of their wealth to charity/their workers after they get to a certain point. Maybe once someone has amassed 20 billion or something, unless they're actively reinvesting money like how Elon Musk reinvested tens of millions into his various companies that employ thousands.
i like the idea of having tiered capital gains taxes, just like we do with income taxes. it's nonsense that someone who generates 99% of their income through investments only pays 15% tax on it, especially when that person is (most likely) already terribly wealthy.
idk about that. capital gains of 15% means you left your post-tax money invested for a year (two if it's stock options) and it means you risked it in the global economy. i think that rate is already high enough.