Neat doc, thanks for linking. I find this part very sensible in light of what you brought up

In most cases, the ultra wealthy don’t need to borrow, because their liquid, taxable income—salaries, business income, and capital gains—is significantly higher than their annual consumption.

That makes sense… I mean once you’re somehow generating millions or more every year in income, no need to borrow at all really. It’s making it to that upper tier of income vs. expenses that few reach.

Tax the Rich, the Old Fashioned Way: Raise Rates

That’s the key thing.