Tim Bray argues that wealth inequality has reached crisis levels, effectively creating a hereditary aristocracy. Using a Vancouver soccer club acquisition as a parable, he illustrates how inherited wealth enables unchecked power. He examines how mechanisms like dynasty trusts and accounting loopholes allow billionaires like Bezos and Musk to pay minimal income tax. The proposed solution is a wealth tax (around 2%/year above a threshold of tens of millions), which experts argue would generate significant public revenue without meaningfully impacting wealthy lifestyles. Bray points to economists like Thomas Piketty and tax expert Ray Madoff, as well as wealthy advocates like Avi Bryant, as voices supporting reform. He frames democracy as the primary tool to counter entrenched financial power.
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