But, but the government would just waste that money on programs for the poor and students and working people. It’s better that Trump pissed it all into the wind
Ask me if I feel sorry for Billionaires, especially the ones that inherited or did nothing but buy companies, or scammed people out of their savings. Not one of these guys ever did a day's work.
They haven’t lost that money for good. These are the same people who lost billions when the markets crashed during Covid yet somehow wound up much, much richer 5 years later. A tax, on the other hand, would’ve removed that money from their coffers forever *and* not affected us regular people.
Maybe. But it's not just about avoiding taxes. It's about avoiding regulations that limit profit (even as they protect workers, environments, communities, etc.), and (for some) avoiding law suits and/or prosecution for crimes. They've likely calculated--that's worth a few hundred billion lost.
What do you think of the theory that the super-rich, who can afford to think long term, have no problem with this because they can still buy stocks super cheap and end up with even more wealth in the future?
My heart bleeds. How much collectively was lost in retirement savings? The price the ultra wealthy were willing to pay is not as impactful as the price the rest of us are paying.
It's not like they even pay the taxes they owe now. They use all kinds of "creative" ways to hide money, write things off, take deductions, etc. and end up paying $0 of the tiny percentage they owe.
These aren't "the richest people in the world". They're "the worst hoarders".
These ding dongs thought their $1 million dollar deposits into Trump “inauguration fund” would be enough placate the sociopath and be money well spent.
I don't know why Rich People are so dumb. It's cheaper to pay fair taxes, then to have booms and busts, to have steady government instead of crazy dictators who WANT to destroy the economy & have you pay $Millions in Bribes.
But this isn't about money. It's about subjugating the rest of us.
Billionaires, and anyone who can avoid selling their assets while prices are depressed, haven’t really “lost” anything at all. It’s actually an opportunity—to buy low, to move assets into trusts, hand off to family members, have next-to-no taxable income for the year, etc.
Well, at least the money they lost isn’t going to something repulsive like educating children, cancer research, or feeding children in one of ‘those’ countries
It's not even really a loss in any sense except numerical. Are they less capable of doing something with the billions that remain? Will they have to change their behavior or even their attitudes? It's meaningless to them, except as it impacts their vanity and pride.
These paper losses are investments to them. They will grow 10x when capital gains taxes are eliminated and replaced by the treasury with more taxes on the poor and middle class- tariffs revenue.
And beyond avoiding taxes, sticking with Trump also means, avoiding regulations that limit profit (in order to protect workers, environments, communities, etc.), and (for some) avoiding law suits and/or prosecution for crimes. They've likely calculated--that's worth a few hundred billion lost.
And they know they will recoup these paper losses soon enough.
For billionaires, these stock downturns don’t mean they can’t buy groceries. It doesn’t mean they can’t pay the rent. They will continue their Caligula lifestyles without interruption, taking advantage of the dip to buy more stock.
Remember they only lose part of their extra wealth, while majority of Americans lose their saving for old age, which they need to survive when they no longer get paid!
To be clear I'm not disagreeing on your point about the safety net and women's role in our society, I just don't think these guys are thinking that far ahead.
I sat at a table with my siblings last night in the 🇺🇸 & each complained about outrageous taxes they pay—all 3 have served in the military & 2 retired out of gov’t 🙄.
I, who have not served, & currently reside in 🇬🇧, just inwardly smiled, thinking about my slightly higher taxes, but free healthcare.
Well, also pensioners and other small savers lost out. A crash like this effects all. Musk only owns 12% in Tesla. Hence, your pension savings might have evaporated as well. Basically, US assets are devalued massively in relative terms against assets elsewhere.
Comments
These aren't "the richest people in the world". They're "the worst hoarders".
https://bsky.app/profile/jessicacalarco.bsky.social/post/3lmexu5co5c24
But this isn't about money. It's about subjugating the rest of us.
https://bsky.app/profile/jessicacalarco.bsky.social/post/3lmexu5co5c24
When small businesses go out of business, they fill the space with their mega-companies.
When there are much fewer good jobs, the middle class shrinks, and they can engineer a proleterate class in its place.
And so on...
Is stock market manipulation and insider trading a high crime or would it be a misdemeanor?
With Trump’s blatant manipulation, the Stock Market is no longer safe
Investing has devolved into a game of “ Guess what the unstable lying demented racist grifter is going to do next?”
https://bsky.app/profile/jessicacalarco.bsky.social/post/3lmexu5co5c24
https://bsky.app/profile/jessicacalarco.bsky.social/post/3lmexu5co5c24
https://bsky.app/profile/jessicacalarco.bsky.social/post/3lmexu5co5c24
https://bsky.app/profile/jessicacalarco.bsky.social/post/3lmexu5co5c24
https://bsky.app/profile/jessicacalarco.bsky.social/post/3lmexu5co5c24
Instead they will keep up their public support for their Dear Leader, while they watch him burn down the world.
https://bsky.app/profile/jessicacalarco.bsky.social/post/3lmexu5co5c24
*they wouldn’t really suffer, but they think if it as suffering
They need to lose everything.
https://www.penguinrandomhouse.com/books/697130/holding-it-together-by-jessica-calarco/
For billionaires, these stock downturns don’t mean they can’t buy groceries. It doesn’t mean they can’t pay the rent. They will continue their Caligula lifestyles without interruption, taking advantage of the dip to buy more stock.
https://www.mediaite.com/tv/kevin-oleary-demands-trump-slap-china-with-400-tariffs-squeeze-chinese-heads-into-the-wall-now/
https://bsky.app/profile/jessicacalarco.bsky.social/post/3lmexu5co5c24
Sick.
Yeah...that word.
https://bsky.app/profile/jessicacalarco.bsky.social/post/3lmexu5co5c24
https://bsky.app/profile/jessicacalarco.bsky.social/post/3lmexu5co5c24
I, who have not served, & currently reside in 🇬🇧, just inwardly smiled, thinking about my slightly higher taxes, but free healthcare.
https://bsky.app/profile/jessicacalarco.bsky.social/post/3lmexu5co5c24
https://www.tandfonline.com/doi/full/10.1080/13229400.2023.2179527
Mick Rush's book on father's care work is also a good read