A progressive tax for people with over $50m in assets and, let's say, paying under $100,000 a year in income tax? Same for corporations that somehow avoid paying much in taxes.
Maybe starting at 0.1% annually for over $50 million and under $100 million, 0.2% for over $200m, 1.0% of $1 billion, up to a maximum 10% for over $10 billion. Maybe, a little break for those leaving their riches to charity and such.
That money is being hoarded and put into funds, equity, real estate, art, jewelry, cars, and such. Give it to the poor to spend on necessities, health, education? Much more productive?
Use the proceeds to help fund universal basic income?
Korean presidential candidate Lee Jae-myung proposes to start giving $250 a year with the aim of establishing a foundation for a universal basic income system.
With automation and AI, soon there will be very little paid work for humans. No work, no income.
