We shouldn't cap income, but total wealth. That would include stocks, assets, etc.

People should be free to make money, and if making was balanced, then taxes would apply to everyone fairly.

To reiterate, nobody should be worth a trillion, or even a billion.

What about property - if the market skyrockets, are people forced to sell their homes?

The cap wouldn't be so low that this would become an issue. Unless you've hoarded multiple homes worth tens of millions each... a cap would discourage that type of hoarding, too.

What about things like the wealthy transferring their extra wealth to children or spouses? How does that play into it?

Family wealth would be capped, just as we are often taxed or given social assistance for total family income/assets.

If wealth was capped, then even if a family spread around the wealth, it wouldn't be hoarding to the tune of hundreds of billions.

Really, we could have solutions to every scenario. But the fact is, our current system isn't working at all. It's perhaps the worst system you could dream up, unless you were among the top wealth hoarders in the world.

But a fair and balanced system would still have "rich" people, they just won't be rich enough to influence elections, control social media, or monopolize any industrial sector.