849
World’s five richest men double their money as poorest get poorer
(www.theguardian.com)
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
this post was submitted on 15 Jan 2024
849 points (99.1% liked)
News
35714 readers
633 users here now
Welcome to the News community!
Rules:
1. Be civil
Attack the argument, not the person. No racism/sexism/bigotry. Good faith argumentation only. This includes accusing another user of being a bot or paid actor. Trolling is uncivil and is grounds for removal and/or a community ban. Do not respond to rule-breaking content; report it and move on.
2. All posts should contain a source (url) that is as reliable and unbiased as possible and must only contain one link.
Obvious biased sources will be removed at the mods’ discretion. Supporting links can be added in comments or posted separately but not to the post body. Sources may be checked for reliability using Wikipedia, MBFC, AdFontes, GroundNews, etc.
3. No bots, spam or self-promotion.
Only approved bots, which follow the guidelines for bots set by the instance, are allowed.
4. Post titles should be the same as the article used as source. Clickbait titles may be removed.
Posts which titles don’t match the source may be removed. If the site changed their headline, we may ask you to update the post title. Clickbait titles use hyperbolic language and do not accurately describe the article content. When necessary, post titles may be edited, clearly marked with [brackets], but may never be used to editorialize or comment on the content.
5. Only recent news is allowed.
Posts must be news from the most recent 30 days.
6. All posts must be news articles.
No opinion pieces, Listicles, editorials, videos, blogs, press releases, or celebrity gossip will be allowed. All posts will be judged on a case-by-case basis. Mods may use discretion to pre-approve videos or press releases from highly credible sources that provide unique, newsworthy content not available or possible in another format.
7. No duplicate posts.
If an article has already been posted, it will be removed. Different articles reporting on the same subject are permitted. If the post that matches your post is very old, we refer you to rule 5.
8. Misinformation is prohibited.
Misinformation / propaganda is strictly prohibited. Any comment or post containing or linking to misinformation will be removed. If you feel that your post has been removed in error, credible sources must be provided.
9. No link shorteners or news aggregators.
All posts must link to original article sources. You may include archival links in the post description. News aggregators such as Yahoo, Google, Hacker News, etc. should be avoided in favor of the original source link. Newswire services such as AP, Reuters, or AFP, are frequently republished and may be shared from other credible sources.
10. Don't copy entire article in your post body
For copyright reasons, you are not allowed to copy an entire article into your post body. This is an instance wide rule, that is strictly enforced in this community.
founded 2 years ago
MODERATORS
Also, the "taxed at 90%" is a red herring too, since that's not how progressive tax brackets work. Nobody's effective tax rate would be close to 90%, even if we raised the top marginal rate to nearly 100%.
If tax brackets were sensibly set, with a >90% rate for the top bracket, these people would still be very wealthy but the amount given to tax would be almost all of their wealth, since the highest tax bracket would kick in just a few pixels into the giant boxes on that diagram. And there would be nothing wrong with that.
Right. If they were sensible. But I'm OK with taking it one step at a time and ease into it so it doesn't immediately get shut down.
That’s why taxing net worth is our next step. Make it a sigmoid curve that starts out at $10M and hits 100% taxation at $100M.
And yes, plenty of things can be “valued”. The Insurance industry has plenty of experience at this, as do branches of the government that estimate property values so cities can levy property taxes, and banks that extend loans to billionaires on the basis of securities being held.
If companies can attach dollar values to the lives that they destroyed due to OSHA/labour violations, then a taxable value can be assigned to pretty much anything a card-carrying member or the Parasite Class might own, or holds through a shell corp, holding company, or trust.