Tax on the super wealthy

Several billionaires, including George Soros and Chris Hughers, back the plan of taxing on the super wealthy (the top 0.1%), they believe that this tax can be helpful to many aspects, such as environmental issue, health care and others. However, some billionaires dislike the idea for the obvious reason. Politically, the Democratic Party is fully behind this plan and several Democratic presidential candidates even propose some very radical plans about how they are going to tax the super wealthy if they can win the presidential election next year.

If an economy seems to be full of opportunities, then people will generally dislike this idea, because each individual sees themselves may get super rich one day in the future, then the heavy tax on the super tax is seen by people to be the tax on their futures. Therefore, high tax rates may not be popular in the rapidly developing economies, and high tax rates are not helpful for generating rapid economic development. However, in a stable economy where the economic growth is stable and relatively low, people have much fewer opportunities to climb up their social ladder, many people are locked in their social classes. Under such circumstance, the wealth gap within the society becomes a significant issue which can lead to social instability, and a tax on the super wealth which can narrow the wealth gap significantly seems necessary.

I think that the billionaires who back the plan see the necessity of the tax in the US society and they also want to guide how the government uses the tax collected from them.