Wow, legislating like this is a society that cares about its own future instead of a piggybank of resources to be exploited for private profit by our oligarchs.
How very un-American. It's like he doesn't even care what this will do to billionaire ego scores. Not much, but maybe something perceptible on an earnings report! They'll never piss down those golden showers of prosperity they've been promising for half a century if we don't give them ALL the value society produces!
Due explicitly to market behavior unless regulated otherwise, exactly. Most people who build companies do so to make money. When you accumulate enough capital/power, it just becomes good business to use that power to cannibalize your competition if you're able.
What is good for modern business, profit exclusively, becomes explicitly detrimental to the society that provided the infrastructure and conditions for that business to succeed in the first place, which is why such behaviors need to be but are not prohibited.
At this point, our society exists to grow our beloved economy, when the reality is an economy is supposed to just be a lowly tool to better distribute goods and services for the benefit of society and it's citizens.
https://www.cnbc.com/2021/10/18/the-wealthiest-10percent-of-americans-own-a-record-89percent-of-all-us-stocks.html
Most stakeholders of American society, its citizens, are not meaningfully among the shareholders our society labors to benefit. The most maddening part are all the exploited Americans who would literally die defending the current system and their own exploitation and that of their family in the name of tradition/blind faith/sunk cost fallacy/the schadenfreude of "I suffered so you should too"/ etc.