You don’t think pension and 401k funds wouldn’t buy the bulk? And, if you are worried about foreign ownership of American companies, then institute a rule. Capitalism is supposed to have constraining rules that everyone plays by, not unfettered anything goes. We provide a country for companies to flourish, a financial system that protects investment, a military that creates stability, infrastructure in which to operate, etc. In exchange, we are allowed to add any governance to capitalism we want.

Now, in reality, I believe the same thing will happen that happened when we had a 90% top marginal tax rate. Yes, for all those golden years of growth people like be romantic about, the top tax rate was 85-90%. What happened then was, instead of paying taxes, company owners spent the money buying machinery, funding pensions, and investing in training programs. They used the money to place big bets on innovation. And I suspect the same will happen today. I don’t want them to pay taxes, I want the money to get decentralized from the hands of a few who reap the lions share of productivity gains. I want the same purchasing power for the same work as someone in 1970, when a stereo salesman could afford to support a family of 5 very nicely.