Why should 30 PCT be cut when we could cap wealth at 100mm (anything accumulated over that would go to lowering our debt, yes this includes unrealized gains as well) and reinstate banning of buy backs? Start small and work our way up from there.
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They cant because its locked into the US stock market. Yes they have funds but a majority of their wealth is in the faux market. Please see other comments explaining that.
the issue is there really isnt a true billionaire its all in unrealized gains. no one has billions sitting in bank accounts, its all in the markets where they get less than half a percent of interest on the loans against their investments. gotta have 1.2mm for that.
I don't care how they hoard their wealth. I'm absolutely fine with taxing unrealized gains that total over 1B. You get to 1B, you get a gold medal, any wealth over the cap is taxed at 100%.
That's a them problem. not a society problem. there is a mental disorder with people that want to accumulate that much wealth. it is damage as we are seeing now.
The problem is the gains are unrealized. The minute they try to cash in their billions the investors who drove up the share values flee and the billions that made the billionaire evaporate.
These guys don't on anything of truly tangible value that equates to billions of dollars.
exactly its all a grift. Yes there is some value there but a majority of the value now is driven by trading algorithms and volume not actual tangibility's. Markets want you to believe there with the ESP but its fictional beyond a certain point. Case in point Tesla.
If the efficient-market hypothesis was even close to being true then we wouldn't see crashes or jumps everything would stay even. except real growth not driven by volume trading or speculation.
They don't pay taxes on "unrealized gain" but they use it "same as cash" to buy whatever they want. Homeowners are taxed on "unrealized gains" whenever the house appreciates. (property tax). We pay again if we sell (capitol gains). It's all against the middle class. THAT'S WHAT WE HAVE TO CHANGE.
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Its about being able to establish and invest in larger corporations. you could invest 10mm 9 times and still be set generationally.
The point is to have floor and ceiling on wealth.
These guys don't on anything of truly tangible value that equates to billions of dollars.
Faux billionaires