- cross-posted to:
- antiwork@lemmy.ml
- cross-posted to:
- antiwork@lemmy.ml
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I’ve often said we don’t need billionaires. That when one reaches that milestone anything above $999,999,999 should be taken as taxes from that person.
When I say this people often become defensive saying that the government shouldn’t be able to dictate how much wealth one person can accumulate. (It also happens that many of these people are prolife but that’s neither here nor there.) Often times comparing this action to communism which of course it isn’t.
The issue of course is that many people don’t understand what a billion of anything is. The human brain can’t comprehend such massive numbers. But nevertheless, there are people that are approaching the trillion dollar mark a number even further removed from a billion by several magnitudes.
Should there be billionaires. Probably not… What do you think?
Considering there’s no fully legal and definitely no moral way to get that kind of money, they should all be behinds bars. As for kids that inherit such wealth, shame on them for accepting blood money and doing literally nothing with it, besides make the world around them even worse.
people often become defensive saying that the government shouldn’t be able to dictate how much wealth one person can accumulate
Of course it should. If we’re expecting to live in a democracy, then people need to have equal voices. If you’re a billionaire you have a megaphone, as Elon Musk has shown. Democracy can’t work if some people have far more power than others.
if you exceed $999,999,999 it should reset, giving people a motivation to keep things well under the cap. like exceeding the high score registers in a game, let it roll over.
Just tax any income above $10,000,000 per year at 90%. There really isn’t a need for more than that.
Billionaires have very little taxable income. We need a wealth tax.
Billionaires don’t have taxable income because they’ve successfully lobbied for carve outs that exempt them from taxation.
That’s what makes a wealth tax impractical. How do you pass it through a Congress that’s been wholely co-opted by a billionaire friendly caucus?
Chuck Schumer, the senior senator from Wall Street, isn’t going to author a wealth tax. Kamala Harris, the former Senator from Silicon Valley isn’t going to sign it. And the SCOTUS majority that’s on the Harlan Crow payroll isn’t going to uphold it.
Many also don’t truly “pay” for things. They leverage debt against their assets, essentially like a fancy credit card that says “I own MegaCorp, you know I’m good for it, just send the bills to this wealth management firm”.
So it’s not out of the realms of possibility to say that a billionaire is actually spending very little money, ever. What they have is essentially gifts from whoever manages their assets, and that company just skims whatever things “cost”.
IMO taxing wealth is what’s needed, but it needs to be framed in a way that makes a billionaire want to invest in their country through high taxes. Make it a privilege that is praised, and ostracise those business that excuse themselves from contributing.
That wouldn’t catch the people who are the real problem, billionaires, who report something like $1 per year in income.
When you have billions in shares, you can use that as collateral to borrow money from the bank, and then you just spend that money. That’s not “income” so it isn’t taxed.
What’s needed is a 90% tax on people reporting high incomes as a start. But, then you need to close loopholes. The carried interest loophole for a start, which would nail most of the hedge fund crowd. Then, tax unrealized gains when they’re in the tens of millions range. Then prevent billionaires from handing billions to their children tax free by preventing the “stepping up” of capital gains for their heirs.
Oddly enough, the same people that wouldn’t want a maximum wage also don’t want a minimum wage. Go figure!
Of course there is a Maximum wage. According to my employers I am making it,.
To read this article, log in
I’m good, random website. I’m good.
Maximum wage only makes sense as a percentage of other people in the company. Ie. The maximum allowed is 10x more than the minimum wage paid in the company
Anything else means the money would just go to shareholders
And obviously, a minimum wage permitted too by amount
C-suite compensation is already largely handled by share offers - which get further pumped/paid for by share buyback schemes.
This would just further exacerbate it, unless we first re-ban buybacks.
Honestly, we should just ban them regardless.
I think we can do better: nobody who doesn’t work X nunber of hours per week can own stock. That’s how law firms organized as S-Corps do it. Even if the decisionmakers hardly do real work, they have to be at work to gain on their investment. But also, no golden parachutes and executives should be legally responsible for suffering and death from their policies.
Jello Biafra proposed this as a policy when he ran for mayor of SF in 1980 and has been humping this idea ever since. It wouldn’f fly legally but as someone else here noted, you can tax at 90% above a threshold and do it that way.
In the mean time, decorate some pikes with billionaire noggins. The problem might fix itself if extreme wealth becomes a mortal liability.
Trickle-down economics works like a piñata - you gotta crack it open before anything starts to trickle.
