We have run the experiment. Every regime that made extreme wealth illegal, the Soviet Union, Maoist China, revolutionary Cuba, produced not equality but a new ruling class that lived better than any billionaire while everyone else queued for bread. The party officials got the dachas, the imported medicine, the special stores. Confiscation doesn't abolish concentrated power, it transfers it from people who built companies to people who run the confiscation apparatus. I would rather have the rich guy whose wealth depends on customers than the commissar whose wealth depends on nobody's permission.
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