Would they actually notice if the bank just kept adding pretend interest to their ‘billions’ but really spent the excess on food for hungry people and medicine for poorly people? If they decided they needed a sports team or a new social media site, we could all just go ‘yeah, that’s yours now’….
I don’t even know how would go about doing this realistically? Forced sale of stocks and assets? What if the value decreases again, would you get your money back? Seems like a pretty bad slogan to me.
GOP Platform: “The richer you are, the lower your tax bracket. If you are poor or struggling, we want you to hand over every dime you have, you lazy slug.” The End.
And yet, the D's voted to lower the top marginal income tax rate from 94% to 70% in the 50s, and then again, to lower it further to 28% in the 80s. The D's abandoned working class people decades ago.
Nah. Not a dog park. A stadium or a bathroom or whatever but I’m not saying to my beloved furry best friend everyday “let’s go to Elon musk today! Wanna go to Elon musk?”
I’ll stick with “planetarium interstellar” at American museum of natural history.
I just read that someone bought the ruby slippers from Wizard of Oz for $32.5M. My first thought was if you have that kind of stupid money how much it could’ve helped people. But instead they bought a pair of old shoes because that’s obviously more important.
Honest question - how would something like this work when most of them have unrealized gains or a net worth that makes them a billionaire, not yearly income?
You do it on actual income. Unrealized gains aren’t real income.
Tricky part is people take out loans on assets & therefore don’t have real income but have real dollars to spend. I still think we need to look at national consumption tax instead of income tax. But I’m not a tax expert.
I like it. And if they don't go for it, we finally get serious about a wealth tax! We'll need something pretty radical after the four years of kleptocracy we're probably facing.
Or we tax them at the same rate as we did under the Reagan administration, if it was good enough for Ronnie, it should be where we tax them today. But no, let’s cut more taxes for the rich and totally make the US Mexico! Rich-Poor, no inbetween. Or:Let’s just start the revolution now and save time!
It does seem like the concentration of wealth can create imbalances in society. The idea that money needs to flow for the economy to thrive is crucial when wealth is hoarded, What changes do you think could be made to encourage a more equitable distribution of resources?
Hell we can even put their faces on the money. They'd love the legacy and status that gives them. Their ego couldn't resist that! Gotta sweeten the deal for everyone involved...
We had something similar in the Eisenhower years. 90% tax on income that exceeded an obscene amount. But the very rich gradually bought congress and sold working folks on tax breaks...and here we are: living in a plutocracy.
I‘m all aboard with this and am fascinated that this in fact did exist under Eisenhower. I run I little fact-check search and found and article confirming this.
„Eisenhower's presidency did see some tax rates above 90%, but that figure only applied to the individual income taxes of top earners. For married people filing jointly in 1953, for example, any income above $200,000 was taxed at 90%, above $300,000 at 91%, and above $400,000 at 92%.“
Certainly, income that was obscene in the '50s is but chicken feed these days. In any event, it's too late to just look at income. When you have people like Musk who've amassed $450 billion, taxing their income becomes superfluous. Unfortunately, wealth taxes tend to backfire. We let it go too far.
Sorry but you’re not understanding how billionaires operate. They don’t have most of their income from a salary like most of us do. They gain wealth from ownership of stocks. And that increase goes untaxed until they sell that stock.
Then I'll buy a great big dog to walk in EM's park after it eats a large meal and it can then piss in EM's statue and defecate on the plack with his face engraved on it.
kind of how it worked before- we still had rich /poor-we taxed the rich and gave a bunch of exem's for donations. the rich still had mansions,ect.but they were incentivized to give to schools,libraries-they got THIER names on buildings we had free edu, but the REP'S has convinced everyone we cant
their are sudies say we could be just like could be like all the other nations with universal healthcare but the billionaires and reps have convinced it would cost too much------every time they redo our tax system- our dept grows and poorer gets v poorer----we need to remove every rep- for office
I'm sold. There is no bloody way one of these villians ought to be able to buy and election by donating $250 million to a Presidential candidate. Yea, tax these blighters into millionaires!!!
Not only will USAGOV never tax churches we will always be ruled by greedy billionaires. Global warming won & rigged elections are ok in USA. 2024 was rigged & weak Dems do nothing. @joebiden46th.bsky.social ended up being the biggest disappointment in our history. Thug trump got away with 3 rigs.
Yes, they don’t really have “income” but they are able to get loans backed by their unrealized assets (stocks) at near 0% interest. THAT must be taxed. They never pay back the loans!
The Gates model would be ok. 99.9% of wealth to the Foundation which committed to spending a 2024 budget of $8.6 billion, over 10 percent of the endowment, currently $67.3 billion.
they give it to foundations - they don't own it but they still control it - and i very much doubt that tax reform in any nation will ever outlaw foundations or donor advised funds
I'm OK with billionaires. If someone has done something, comes up with an idea or ehstever and they worked their asses for it, good for them. But they need to be taxed just like everyone else. Get rid of any loopholes in the tax system and have them pay their fair share. Most do, the corrupt don't
Like the days before Reagan when the tax rate over a certain amount was over 90%? We did this once before and we built roads and airports and bridges and funded NASA.
When do you all want to begin? I'm teaching writing workshops at the public library, soon as I find out what the state gonna do about some shit some others declare about me. They don't know me though. I'm beginning today, by the way.
My friends get mad at me when I say that it's wrong for companies like Amazon to have quarters with 15B in profits but we still have homelessness. But Kristi, that's capitalism! No, that stinks.
Many thanks, looking forward to sharing more posts. (Please note - I do not read or use the Chat feature, but am always available to respond via a post. )
Many thanks, looking forward to sharing more posts. (Please note - I do not read or use the Chat feature, but am always available to respond via a post. )
Someone suggested to me once that if we incentivized ensuring everyone had the ability to live a comfortable life by erecting statues to these people for paying appropriate taxes to their wealth or naming schools, medals, etc for them, we'd watch how quickly poverty in this country would disappear.
There are plenty of alternatives to capitalism, it shouldn't be difficult to envision an economic system not based purely on profit-at-any-cost. How about a system based on the well-being of all citizens and the health of the environment?
I think capitalism could still work. Just cap the salary of the CEO, base it off the lowest paid employee at the company, and have universal basic income for people making under a certain amount. As a way to redistribute the wealth. Then everyone can participate in the economy.
The goal of capitalism is always profit, and that always requires the subjugation of the working class, and it inevitably leads to the commodification of every experience. Capitalism simply does not work long term. It ends up eating itself.
Perhaps. What if you regulate it, provide fair wages and working conditions? Get rid of monopolies and promote small businesses? Capitalism has benefits as well.
No. We are experiencing the late stages of capitalism right now, and the inevitable problems that arise with it. There's no going back to some "gentler" form that you're implying because capitalism demands profit, and profit demands exploitation.
I would prefer that everybody RICH or poor pay the same tax rate! As well as Social Security and Medicare! The rich would still have more money than they could spend in multiple lifetimes, but the playing fields would be equalized!
I agree. I just got a cut of a housing benefit. It's allowed to own 15 000 euro. Anything above that makes the benefit smaller. I happen to own resources somewhat over that. So paying the penalty now. (Finland)
Might as well include an official Presidential Pardon for the rest of their lives as well, make the current practice of excusing billionaires from criminal prosecution official policy…
I say it should be lower- much lower. Nobody should be allowed to earn over $10 Million/year. This would include earnings on investments. $10M every year is a lot of money. Nobody -and I mean nobody needs more than that.
Why someone would need $999 millions? What fir? Is it some sort of middle age crisis dick competition aka hot sports car thing?
What fucking for does one person need this much money?
Nah, there has to be a critical mass of people getting bird flu and human flu at the same time. That will likely happen because of people drinking raw milk, which will happen more often after wormbrain takes office.
Good start, but too high a ceiling. How many millions does one person need? Maybe we could have both a max and a formula that includes giving back so we can see that they’re doing some positive things with their mountain of gold. Never mind… people would just manipulate that, too.
Make compensation *packages* include tax-shelter vehicles (like stock options) available for all employees, not just the ones you want to clap into golden handcuffs.
Aside from exercising at a more favorable strike price than anyone else has access to, this allows everyone to participate in your big M&A exit, not just sr. mgmt and the engineers/dev team.
As far as exits, I don't know about how much difficulty it confers; every startup I've been at had this.
There's a law that mandates that all executives / senior management at C-corp-structured business entities are required to act exclusively in the best interest of the shareholders and in no other interest. (It's got a criminal law equivalent to its civil law manifestation, by the way.)
Yes, it’s fundamental to the public liability company entity PLC in uk. Which was designed to enable imperialist asset stripping of colonial properties with no risk to existing personal wealth.
The PLC powered imperialism. It remains the heart of western economic dominance of the world.
To place this in context, I believe that the cause of USSR’s collapse was fundamentally because the state owned everything. Making ordinary citizens a constant threat to the state. Because we all want to own part of our living - otherwise we are simply surfs working someone else’s property.
They'd never be happy with that. And why $999,000,000? Let them get to $100,000,000. If they want more, start them of at zero again. Oh sorry, they never started with zero
I've been saying for years, tax all billionaires til they're not billionaires any more.
If they can't live on 999 million, well maybe they can cancel their netflix and stop eating avocado toast.
The only way to make that kind of money is to deny hard working people fair pay, unless you inherit it from someone or some company who denied hard working people fair pay. It's honestly not that complicated.
So, let's test this claim of yours, the part "only".
Who are those hard working people that were denied fair pay by these people:
Bill Gates
Stephen Jobs
Marc Zuckerberg
... just to name few.
We really need a 100% top rate. Once we have that, people will understand how marginal rates work, and it will be much harder to chip away at it like they have since the 50s.
Nah. Capitalism works better than the alternative. But, like any well designed game, it should have diminishing returns as you accumulate more and more wealth.
Oh, wait... that is how taxes should work! The more you have, the higher rate you pay in taxes.
Comments
Correction $999,000
I suggest a maximum wage ie a cut-off point tied to the minimum wage - say 100 x whatever that is.
No offshoring, no setting up some bogus foundation to filter funds through.
I’ll stick with “planetarium interstellar” at American museum of natural history.
Under the Republicans, income over $400,000 a year was taxed at 92%
That was under Eisenhower. Today, that would be roughly equivalent to $4.7 million.
https://www.usatoday.com/story/news/factcheck/2022/05/09/fact-check-viral-post-exaggerates-tax-rates-under-eisenhower/9588111002/
Besides, if you handed everyone $1B, in less than 50 years, you'd back to having rich people and poor people again.
Tricky part is people take out loans on assets & therefore don’t have real income but have real dollars to spend. I still think we need to look at national consumption tax instead of income tax. But I’m not a tax expert.
Or $9million
Share the wealth and EVERYBODY is rich.
you can't be this fucking stupid, can you?
All your intentions would lead to a lot of of unintended consequences and eventually less welfare for all.
https://eu.usatoday.com/story/news/factcheck/2022/05/09/fact-check-viral-post-exaggerates-tax-rates-under-eisenhower/9588111002/
1 of 3
Bought?
gonna be a reckoning, people gonna fix this shit. it'll be a while and it'll probably get bloody. but its comin
THEY ARE CLEARLY NOT DOING THAT.
When do you all want to begin? I'm teaching writing workshops at the public library, soon as I find out what the state gonna do about some shit some others declare about me. They don't know me though. I'm beginning today, by the way.
But what system to we jump to instead?
https://www.scottsantens.com/negative-income-tax-is-not-cheaper-than-universal-basic-income-ubi-nor-is-guaranteed-income-more-progressive-by-excluding-the-rich/
I like some of the ideals of Marx and Engles, but I don’t know how we create a system that controls for greed, envy, and selfishness.
More like 100 mil… thats plenty!
You get one chance of "winning" for every dollar you have. The richer you are, the higher the chances.
The "winner" gets their wealth reset to whatever the average net worth of a US citizen is.
I like it!
Go:
What fucking for does one person need this much money?
Yet a very valid option.
I think that we should name seniors homes and daycare centers after them. Those type don't preform well without gratification.
Sigh.
The corporations are receiving vast sums in public money. Their leaders have almost zero accountability due to corporate law.
It’s complex - like humanity.
https://bsky.app/profile/epinnoia.bsky.social/post/3lcogbmcsos2g
Giving stock to employees makes a company very difficult to sell, which is why I didn’t use that model.
Governments could make this more attractive - perhaps they do - I’m not an expert in tax.
Make compensation *packages* include tax-shelter vehicles (like stock options) available for all employees, not just the ones you want to clap into golden handcuffs.
As far as exits, I don't know about how much difficulty it confers; every startup I've been at had this.
If gov took 50% of my marginal income I’d find ways to avoid tax.
It got to 45% so I didn’t feel impelled to do anything extreme. Same with inheritance tax, which is already 40%.
The PLC powered imperialism. It remains the heart of western economic dominance of the world.
However, then Musk would have been denied his personal freedom to piss away $44 billion on Twitter.
If they can't live on 999 million, well maybe they can cancel their netflix and stop eating avocado toast.
Who are those hard working people that were denied fair pay by these people:
Bill Gates
Stephen Jobs
Marc Zuckerberg
... just to name few.
Love this! I’m in.
Divestment or seizure?
Capitalism isn't the issue, it's the distribution of wealth.
Oh, wait... that is how taxes should work! The more you have, the higher rate you pay in taxes.
Tax the rich. It really IS simple.
TAX THEM LIKE IT'S 1950! And scrap the Social Security payroll Cap. TAX THE RICH !