I mean you could even take the bottom number and leave them with the top number and they could still live in unimaginable luxury forever. Or just take the lot because fuck em lol.
I couldn't imagine spending $1 billion in my entire life, let alone 3-4.
If they are self-made millionaires/billionaires as they claim, take everything they have/own and tell them to start the quest again, no glitches, DLC, or saved progress.
Tax billionaires until there are no more billionaires
It's really insane that we legally treat the tenth billion dollars at the same level as a working persons house or car.
Everything is legally just "property".
No, fuck that.
The law should protect the first million of every citizen with ferver. (and when we tackle wealth inequality, most people will have this level of wealth at the end of their working life. The fact that most currently don't is due to inequality. )
Up until 100 million, it should be taxed at a reasonable level. Because at some level, it's fair that people prefer watching Taylor Swift instead of me sing on a stage.
Above that it should be taxed heavily.
And above a billion, it should be just confiscated. As in, oopsie, our system malfunctioned, you weren't supposed to end up with more wealth than what a thousand normal people would save up after a whole lifetime of work, so we are taking it back.
you weren't supposed to end up with more wealth than what a thousand normal people would save up after a while lifetime of work
I actively try to cheat at every single-player game that I play. I still don't think I've accumulated a billion anything other than self-criticisms. Even that's questionable.
Do billionaires actually have billions in real money sitting around? I've always thought the billions were in stocks and couldn't be taxed until they cashed it out and they could technically lose everything if the stock price falls. That's really fucked up if true
Nobody keeps that amount of cash. Even below a million, most people have most of their wealth in either real estate (their own house) or financial securities (stocks, ETFs, bonds).
Yet, we all gotta pay property tax and capital gains.
The billionaires just have loopholes that they use to never realize gains with loan schemes and trust funds.
That is actually the case. Billionaires aren't swimming in a room full of cash and they don't some some secret mega vault that holds $100 billion. Most of these guys are founders of very successful corporations, and so they naturally have a larger than average share. Bezos has most of his wealth in Amazon stocks, Zuckerberg in Meta, Musk in Tesla and SpaceX, Gates in Microsoft, and so on. Their wealth goes up and down depending on how well the company they're most tied to is doing. In the US and most other places, stocks aren't taxed until they're sold. Once a transaction happens, there will be a tax. Usually tax rates go up with profits and income, and there are deductions for losses (to a degree). It's an okay system, the issue is that it isn't being enforced. Our system is full of loopholes that these billionaires exploit to pay way less than they should. But billionaires not paying taxes are nothing compared to corporations not paying ANY taxes on billions in annual profits. That's what we should go after.
Sad day when "billionaires should pay taxes" is considered a far left position.
Take the inverse of that and you're getting closer to what actually needs to happen.
Well-behaved oligarchs gets the Pu Yi treatment, the rest gets the Romanov treatment.
Wealth taxes are stupid. That said, nobody needs multiple hundreds of billions of dollars.
The solution is to have regulations and laws in place that prevent them getting this large in the first place. The fact that Amazon and Google own 90% of the internet is absolutely fucked.
I agree, no one should be able to hold such an obscene amount of wealth. Right now they do, though. How do you propose this be remedied?
The tax should be even higher. No one needs $100 billion.
No one needs $1 billion
God the insanity of that wealth is hard to fathom.
Nobody needs $100m, which is itself a totally insignificant amount compared to $1b… and we’re talking people with hundreds of billions :/
Uhhh is the ask to liquidate their assets? They will just sell a Picaso painting that they 'value' at 60% of their gross income.
Why do you guys fetishize these billionaires and not the giant hedge fund pools that make these guys rich in the first place?
I'd be willing to be taxed into oblivion if I knew it'd mean everyone else could lead full lives. And I make nothing.
Now imagine the good their excess wealth could do.
Yeah and maybe also cutting down on their non-profit organisations scheme to avoid taxes would be nice..
Chump change lmfao, Eisenhower was taxing 90% of J. Paul Getty’s yearly earnings
Wealth taxes actually work, that's why the rich attack them so vehemently.
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