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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.
Most of their billions is ownership in companies they grew into what they are today. It’s not like they have billions to spend, it’s that their ownership is worth billions according to the market.
True, but that ownership gives them access to very low interest loans that they then use as spending money and don’t have to pay taxes on it
So what? We should take away that ownership because they can leverage it? Also the same people suggesting we tax wealth like this want to also close those “loopholes” of low interest loans on shares.
Yes.
Yes to taking away wealth or the way to leverage it?
Taking away (extreme) wealth. There’s no reason one person should have that much. There’s countless better ways to use that money/wealth than for one persons extravagant lifestyle. And even if they don’t have an extravagant lifestyle, what are they gonna do with it? Doubt they will build infrastructure out of good will with it.
You all realize they don’t have that money laying around to pay the IRS right? They own companies, those companies are worth that much. To pay that you would have to liquidate those companies. So no more Amazon, Tesla, Space X, etc…
I highly recommend you to read the paper billionare argument. The market can stand the liquidation of most of those companies without making them go bankrupt, we don’t want them to stop existing, just to make them smaller and not a threat to democracy.
For the whole scale of wealth I also recommend going through wealth shown to scale
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.
At a billion you get a small plaque that says ‘yay you won capitalism’, they name a park bench after you and you replay from scratch.
Sad day when “billionaires should pay taxes” is considered a far left position.
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.
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.
Regardless of how hard it’s to do this, you’ll get what out of this… 15B? That’s nothing… the government spends that in less than a day. Maybe cut government spending in half first. None of this is sustainable.
You hear that everyone? $15 billion is nothing.
You do understand that the government budget is 4 trillion per year, right? Do the math! What’s wrong with you?