Should billionaires have it all? Not if we want a democratic society

California politics is currently being shaken up thanks to a drive, led by the Service Employees International Union, to enact a one-time wealth tax on the state’s billionaires to offset federal cuts to healthcare and support public education and food assistance programs. Campaigning for the measure, U.S. Sen. Bernie Sanders told an enthusiastic crowd that “never before have so few people had so much wealth and so much power.” In a democratic society, he thundered, “the billionaire class cannot have it all.” It’s a message that’s particularly relevant in today’s world. In January, as the World Economic Forum opened in…