> what is the real difference in quality of life of $20M vs. $50M?
Minimal.
But people having so much money that they have nothing to spend it on encourages investment in wild ideas like SpaceX or OpenAI. If you tax that money away, who will invest in new ideas?
Both manufacturing corporations and mutual investment funds are ways to aggregate smaller amounts of capital into big enough sums that large factories or investments are possible. I don't think it's necessary to rely on multi-billionaires for investment in wild ideas.
