Billionaires have an unhealthy concentration of power, but they don’t have a billion on their bank account. They own companies that are worth that much. They also aren’t necessarily assholes.
Germany has many medium sized companies. They mostly treat their employees really well. Good pay, guaranteed jobs for their kids, etc. Many for sure are worth over a billion. And they are privately owned, so the owners are billionaires or close to it. So what is supposed to happen to those companies ownerships? Would it really be better if they are publicly owned?
I’ve come around to think that a wealth tax is necessary, but it’s for sure complicated.
wrong buzzer noise They don’t have lots of “money”, they have lot’s of assets. In the US they can get loans at very favorable terms based on those assets. Which is how they avoid taxes. What the german rules for this are I don’t know, but probably not the same.
What about the £36 trillion in offshore tax havens as of 2016 which is probably much bigger now. That’s not tied up into assets, that’s liquid like a Well of Souls.
I don’t see how taxation changes the balance of power. Their power is not, as you said, the size of their bank account, but in their ownership of the company’s assets. They also don’t create the company’s value with their work. The employees do.
I will post this every time.
Billionaires have an unhealthy concentration of power, but they don’t have a billion on their bank account. They own companies that are worth that much. They also aren’t necessarily assholes.
Germany has many medium sized companies. They mostly treat their employees really well. Good pay, guaranteed jobs for their kids, etc. Many for sure are worth over a billion. And they are privately owned, so the owners are billionaires or close to it. So what is supposed to happen to those companies ownerships? Would it really be better if they are publicly owned?
I’ve come around to think that a wealth tax is necessary, but it’s for sure complicated.
Wrong buzzer noise
They’ve accumulated multiple orders of magnitude more money than anyone will ever need. That level of greed makes you an asshole by default
wrong buzzer noise They don’t have lots of “money”, they have lot’s of assets. In the US they can get loans at very favorable terms based on those assets. Which is how they avoid taxes. What the german rules for this are I don’t know, but probably not the same.
What about the £36 trillion in offshore tax havens as of 2016 which is probably much bigger now. That’s not tied up into assets, that’s liquid like a Well of Souls.
You may think having cash in your pockets is better because you are poor but having billions in companies and assets or owning the bank is better.
Treating slaves slightly better does not make them free men.
I don’t see how taxation changes the balance of power. Their power is not, as you said, the size of their bank account, but in their ownership of the company’s assets. They also don’t create the company’s value with their work. The employees do.