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I don't know because I think if people got paid fair wages the world would look very different, and the cost of living calculations we currently use to determine fair wages would change in ways I can't predict.
I think that with aggressive progressive taxes, we'd see the range of incomes get compressed, and lift lower incomes. I'm not entirely sure how that'd affect cost of living, it'd probably go up, but wages would go up more.
But if I had to guess, if say everyone should be making between $100k and $300k, and I should probably be somewhere in the middle of that.
Funny enough, California has a very progressive tax system, and has higher than normal income inequality but a higher base standard of living than the rest of the US. I think having an economy with more opportunities for people inflates everyone's income, including the rich.
But it brings up a question, if everyone were to have a decent standard of living, is it as big a problem that rich people exist? Obviously we're not there yet, but hypothetically in a post scarcity world, it's an interesting thing to think about.
To me, the ideal system would be everyone has enough to live comfortably, and the rest is allocated according to how hard or smart people work.