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What would happen if we banned billionaires?
Competitor&Player
The Section of Law
Q3. What would happen if we banned billionaires?
2023 July
2023 July
On-Line
Entering an essay in this competition can build knowledge, and refine skills of argumentation. It also gives students the chance to have their work assessed by experts. All of our essay prizes are judged by a panel of senior academics drawn from leading universities including Oxford and Princeton. The judges will choose their favourite essay from each of seven subject categories, and a junior category for under 15s, and then select an overall 'best essay' across the seven subjects: Philosophy, Politics, Economics, History, Psychology, Theology and Law.
I selected a topic from Economics category as : What would happen if we banned the billionaire?
Here is a summary of the key points in my response:
1. Banning billionaires entirely is complex and controversial. A more pragmatic approach involves progressive taxation, closing loopholes, strengthening regulations, and promoting transparency. This allows the wealthy to contribute their fair share while still enabling economic growth, innovation, and philanthropy.
2. Brief overview of current top billionaires and the positive impacts of their companies.
3. Reasons why banning billionaires has been proposed, including concerns about inequality, political influence, tax avoidance, etc.
4. Intended consequences of banning billionaires could include reduced inequality and concentrated power, fairer taxation, continued innovation through achievement rather than accumulation. But risks of overreach exist.
5. Historical examples of limiting wealth concentration like land ownership limits in ancient Rome. Lessons from Soviet Union's banning of rich - unintended consequences like capital flight and loss of expertise.
6. Current trends showing dramatic wealth growth among billionaires compared to general population.
7. Policy options for taxing extreme wealth, like wealth taxes, inheritance taxes, capital gains taxes, closing loopholes, and encouraging philanthropy. Goals are to mitigate inequality and promote equitable distribution.
8. Obstacles in taxing the wealthy, including complex financial structures, tax havens, jurisdictional issues. Solutions like FATCA to enhance transparency. High costs of pursuing complex tax cases against the ultra-wealthy.
9. Emerging technologies like blockchain and federated learning could aid transparency and collaboration while protecting privacy and security.
10. Conclusion: Banning billionaires is challenging, but carefully crafted policies informed by history and aided by technology can make measured progress in ensuring the wealthy pay their fair share. Gradual, pragmatic approach advised rather than outright bans.
Thinking for the fair of this sociaty.
the approach to achieve even and fair
The John Locke Institute encourages young people to cultivate the characteristics that turn good students into great writers: independent thought, depth of knowledge, clear reasoning, critical analysis and persuasive style.
I took this economic topic as "What would happen if we banned billionaires?", I just want to show my thinking how to get the fair of this society.
