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Hoarding = mental illness = billionaires
I agree there is no reason why an individual should have that much economic power. There is no justification for that amount of wealth in so few hands.
They could just stop impeding progress and let the working class have things like healthcare and a living wage. Guess that’s too much to ask and they would prefer guillotines?
Yeah, we probably shouldn’t have people who horde so much wealth it negatively affects the economy.
Lmao that’s because we shouldn’t have billionaires
It’s not that we shouldn’t have billionaires. Its that we have billionaires when we have people living on the streets because the rent is so ridiculous. Its that we have people dying on the streets because they cannot afford health insurance. The gravy on the shit-fest is that billionaires are actively bribing the politicians to prevent those policies from being implemented. That is the textbook recipe for guillotines.
If a Billionaire turned comic book EVIL and decided to go rogue… What exactly would stop him. Most countries don’t have the money or desire to do anything
Yah I don’t think we should either.
He’s right. Let’s see if people could live off 999 million in assets.
Even the billionaires would be better off without billinaires. It their relative ranking was the same they would still have more money than they could spend but it would now come with clean air, water, land, better infrastructure, a healthier world, happier people to interact with.
Here in the UK 78% of people support a 2% wealth tax on net assets worth more than £10 million yet our spineless neoliberal government is more focused on cutting disability benefits and bombing starving children.
Can’t they just get around a tax like that by borrowing cash (for their lifestyle) and using their assets as collateral?
I’m actually against a wealth tax, but think one of the only ways that taking their unrealized assets can work is if we do as you suggest.
If you own stock in something, taxing unrealized gains isn’t good. it’s not like were going to pay them for unrealized losses.
But we MUST stop them from being able to actualize those unrealized gains without taxing them like when they use their unrealized assets as collateral. It’s like a loophole for the ultra wealthy where they can just borrow against their assets for their entire life without paying taxes on it.
And really… who cares if this way might be more expensive to do, they’re rich as fuck, and can pay for it as part of that tax. Also assets can be very nebulous and hard to know what they actually have. But when you see that new house, new yacht, donation to a SPAC or whatever, the IRS can come knocking and be like how’d you pay for that.
Wealth includes assets. If you can borrow against it, it can be taxed.
In fact, taxing the assets makes borrowing against them even more expensive.
It will lead to more dark money. It’s very hard to accurately measure a persons net worth when their financials aren’t just a house and an IRA like the average person. Especially if they don’t want you to see it. You’ll never be able to implement that tax in a consistent way.
Thing is, that ability to evade that is intentionally built in. It has to be. We have KYC laws here and anything over 10K is tracked.
The fact that the ultrawealthy are able to manipulate money in ways so that it’s not tracked and/or not taxed has to be by design.
Yes, that’s the current situation, thanks for pointing that out. I don’t think people understand how much tax evasion they do, for instance as of 2016 there was £36 TRILLION in offshore tax havens, UK GDP is £25 trillion for comparison. Murder in the first degree can get you prison for life, but letting countless people die from poverty related issues at home while getting rich off of starving and killing kids overseas makes you a billionaire. Why do we accept that?
law is inherently flawed and easily manipulated by clever sociopaths. chaotic good FTW. let there be guillotines and morally sound citizens and nothing more.
Huh, curious, I could swear we Germans (and most other countries I’m sure) used to do just that until a glorious neoliberal government came along and abolished the tax.
This needs to become the mainstream opinion. Billionaires and ultra wealthy shouldn’t exist. There is no trickling down or any of that stolen wealth coming back into the hands of average people.
Imagine if billionaires paid their fair share of taxes. Municipalities would fight to get them to live in their area
Greed needs to be treated as an addiction just like alcoholism or gambling.
The rich can do it without civil or criminal consequence?
As in it’s a mental illness.
They will just live in other countries if being a billionaire is illegal.
They can live where ever they want. The assets are here and we can tax them here.
It doesn’t matter where they live. If the US exerts pressure on whatever country the money is in they can and would get that money back. They’re somehow able to freeze the accounts of Russian oligarchs so they’s no reason to believe they couldn’t do it with Bezo as well.
Lol, no. This is a strawman argument. Billionaires will absolutely not give up their precious connections and real estate to live on a private island or move away. Even if 50% would do that (lmao never) the tax would still be a huge benefit. Even without the money, not having these greedsacks meddling with local politics and laws would be a dream.
That’s the neat thing, they won’t. It’s pretty easy to apply a high tax on moving away. In fact the USA of all places do just that.
Also, what do rich people possess? Assets. Physical assets. A big part of that is real estate, owned privately or by companies they own. There’s no taking that with you. They can sell their assets and try to take the money with them, but that means the society they leave gets it’s assets back.
That’s fine, billionaires do not add to an economy, they drain it. So if they leave it will remove a useless burden on the economy and whatever country is dumb enough to take them in can deal with them instead. Meanwhile, if they are pulling money from our country we can find ways to tax it and prevent them from draining our resources (and yes, money is a resource like any other).
That’s the idea I think.
As long as they stop siphoning money from us, I’m fine with that
Hopefully the corrupt ones go to China or Vietnam because they’re not afraid to give corrupt billionaires the death penalty.
Billionaire says 'I don’t think we should have Zohran Mamdani ’
This guy sounds pretty based!
I like this guy
