We are so far past “taxing” them. They need to be stripped of their wealth completely, not lose some extra 5% on the next haul.
I say kill them, especially the billionaires who are also chuds, then tax the surviving billionaires
Close the “earn, loan, die” loophole to avoid taxes on unrealized gains. If you list an asset as collateral for a loan, then it is immediately taxable as if it were the same value.
Also, every year, we should redistribute 50% of the wealth of the richest person in the country. You get a ticker-tape parade, a nice statue, and the honor of knowing that you are helping millions of people without making any impact on your lavish lifestyle.
There are a lot more things we can do, but I feel like these would be two pretty easy starting places to curb the billionaire problem.
Oh, and we should also make it so that private equity and investors are paid LAST in a bankruptcy. Tired of good companies being bought ransacked, and folded so a billionaire can make a few mil from robbing employee pensions, shortchanging contractors and stiffing suppliers.
It’s going to come to that sooner than we think.
Or nothing will change for the better because we engage in this childish and now apparently murderous nonsense online instead of doing anything practical.
The people who talk openly about murdering us with their policies, budget proposals, and lunatic campaign funding are having people talk about murdering them!
O’ the humanity!Yep, and sanity like what you just said gets downmodded more than upmodded. It’s like there are only children here.
Fantasizing about killing billionaires is cringe because it almost never leads to anything practical. Actions speak louder than words
I thought this years events would have done it, but people are still waiting
I’m for consumption
You can tax their existing wealth. For example an annual tax for the average wealth you held for the past year for people whose wealth exceeds a total 250 million in all assets
At this point we need to tax their wealth at a rate of like 90% or higher. Any laws that pass with the word “tax” in it is not going to go close to that number. We need to use harsher vocabulary and treat it as the crime it is imo.
This was actually the norm during the so-called “golden age of capitalism” in the US funnily enough. The higher margins of the wealthy were taxed upwards of 90% and what do you know, it led to prosperity.
Agreed. From ~1930 to the mid 60s, we were taxing almost everything over a certain amount (90+ %). In addition, corporate tax rates were significantly higher.
Besides the point really, we need a plutocrat tax/wealth tax, not income tax reform. It’s one of the few direct methods to redistribute the wealth theyve extracted from the 99% and decrease inequality.
Tax wealth, not workers!
The massive problem with that is that they’ll just move to a country that taxes them less.
The country wins by getting some of their money, the billionaire wins by keeping most of their money, everyone else from their original country gets fuckedYou see, that’s being said all the time as a counter-argument. But it has been proven to be untrue. First of all, there are exit taxes in most countries, the USA is pretty gung-ho on that for example. Also, the rich are also just people, that have families and friends. They won’t move just because they pay a bit more in taxes. People are lazy and like the environment they’re used to. Bonus if they have kids that don’t want to leave their friends behind. Lastly, where to move to? Many of the EU countries are the countries with the best living conditions world wide. Granted some of the criteria like accessibility and affordability don’t apply to the rich, but freedom of speech, general freedom, state of infrastructure, crime etc. mostly apply to them as well. And there are very few countries in the world that can match. Those that do are also expensive and or far away or have other issues.
That’s fine, let them extract the wealth of other countries until they learn their lesson. They don’t add value to society, that does not equate to a loss. It would be ridding ourselves of economic robbers.
That’s the same logic as saying “if we kick the snake oil grifter out of our town then he’ll just go to the next one!” Good, maybe they’ll kill him after they figure out he’s just a thief since we didn’t have the gumption.
That is no problem at all! Get those motherfuckers out of the country if they are just going to suck it dry.
How about 95% on everything beyond 10 Million?
Ridiculous overreach. Perhaps if you really want a wealth tax, take a look at existing systems like Norway and Switzerland and suggest something along those lines. The percentages are in the 0.5-1.5% range.
How do you propose we tax the billionaires when they own the police, politicians, and judges?
If the punishments of a universally applied system of law no longer apply to autocrats and oligarchs then neither should it’s protections.
Blood tax.
we can’t say shit anymore on lemmy.world, it really is the alternative to reddit in every wrong way
Elon musk would be in jail and broke by now if the SEC could do its job
Or the FBI (public emails where he begged Epstein to let him into the parties; also the election interference), or the FTC, or the EPA (Tesla plants piping battery waste into water supplies)…the list goes on
But that would hurt the earnings of the mega wealthy, clearly can never be allowed to happen.
Idk we’ll see what happens when the rich people start eating themselves. I’m actually excited for this stage of capitalism.
May be something like Russia after the fall of communism or like Mexico with all its cartels and private armies?
Ah yes famously wealthy countries, the Soviet Union and Mexico, who went to hell when they stopped catering to the ultra-rich…
Actually, Russia has vast natural resources, but much of the wealth is concentrated in the hands of oligarchs. The post-communist period in Russia was marked by violent power struggles between oligarchs, often involving private militias or hired hitmen targeting rival businessmen. Perhaps it just wasn’t as visible in the US.
BTW, do not forget that most rich men in the US (Elon, Mark, Jeff) are rich on paper (stock market, company shares), while Russian millionaires have real physical control over resources or industries (eg Vladimir Potanin - rare earth elements, Vagit Alekperov - oil, Leonid Mikhelson - gas).
And there were more oligarchs in 1994 then there were in 2004 because they killed each other ❤️
The father of a classmate supposedly did business in Russia during the 1990s and, according to my classmate, witnessed an execution beneath a bridge somewhere in Moscow late in the evening. I don’t remember a name of the bridge, and I can’t verify whether the story was true. However, he was completely serious when telling it, and I do remember hearing media reports about organized crime killings and similar incidents in Russia during the chaotic post-Soviet years. So while I can’t confirm this particular story, it doesn’t sound impossible for that period.
Which was the whole point of DOGE
This is an international problem.
The more you tax them, the more will flee to countries willing to make concessions for them. But, taxation is preferable to seizing the assets; after seizure, you will lose a massive amount of business for obvious reasons, it will cost more than you seize.
I think that corporate control would be preferable. Shell companies and their machinations are at an absurd level today, see Panama and Pandora papers for more details.
How would you fix this without international solutions? What would those be? Can’t we make a deal?
Too bad we don’t have a diplomatic deal maker in office
You can tax them by demanding the tax regardless if domicile, as a tax for selling their shit in your country.
We can fairly quickly degoogle EU.
As for small, micro, or even SMEs, atm even municipalities are competing & bowing instead of sharin showing solidarity to others. Simple eg EU level laws are needed.
Wealth flight is a myth, it is not real.
A good video that sums it up in a nice way: https://youtu.be/6DXZMXZCY0I
Even if it was real, roughly 0 billionaires are leaving the US because of tax issues. We can at least tax them until a few start leaving. It’s really a win-win scenario.
If the USA taxes Amazon, do you think Amazon will stop doing business in the USA? Do you think Amazon will do less business in the USA? No, of course not, there’s a billion warehouses and distribution centers in the USA, it would be impossible to move.
If the USA taxes Jeff Bezos, do you think Jeff Bezos will go live in Panama? Do you think he will move to Africa? No, of course not, he has all his stuff in the USA that he cannot move, he would never leave.
As long as corporations/billionaires have their stuff in a country, that country can tax their stuff. It’s the other side of the coin Trump is having trouble with. Trump slaps a tarrif on everything to encourage manufactuing in the USA, but corpoations don’t have many manufacturing capabilities in the USA so the end result is lost jobs and raised prices for nothing. There’s no manufacturing stuff in the USA and it would take a decade to make the stuff if they started now.
At a certain level of wealth, all the money is tied up in assets that are difficult to move. Those assets are assessed and used to borrow money to avoid income tax. We can use those same assessments and implement a wealth tax.
The deal should be, “Y’all have had it too good for too long. Pay your fair share immediately and indefintely.”
So much of what they own is the resources of this land and the labour of the people living here. If they leave, then we get all of that back for ourselves.
Yes, it’s an international problem.
How would you fix this without international solutions? What would those be? Can’t we make a deal?
Can’t be fixed locally unless you got an incorruptible government -> refuse to do any business with problematic individuals and their corporations. As long as no one holds a monopoly on something you need to survive, that’s viable.
In case anyone wanted to know the number, it would be 820,260,000
Not countung any interest accrued on that money. Even a low interest rate would cause any small investment to skyrocket over long periods.
I don’t believe they had banks in 80,000bc
Perhaps not, but somewhere between 80,000 BC and today, banks were invented, or so I’ve been told.
Even if we gave it a little bit let’s say 1% interest, which is what people get in savings usually, with the monthly 10,000$/m put in for 82,026 years: if we did our napkin math right that’s about $2,94698e15 ($2,946,980,000,000,000) which is ~22.67 times more money in the entire world lol
Missed that scene of “Man from Earth”
What an excellent little film.
Never expect a bottle episode movie would be so good
Really? How? It’s like the main subplot!
It’s about 200,000 years saving 10k per day now. He’s rapidly approaching a trillion in net worth.
Seriously though, his actual worth is probably about tree fiddy on a good day
If you were immortal and couldn’t figure out increasing value assets or compound interest after a few thousand years of watching other people do it, you deserve to be poorer than Elon. Even vampires figure it out after a couple hundred years.
Anon is bad at investing
He didnt invest, he made 10k every day.
That’s the point. If he invested it he’d be rich
He makes 10k every day … He is rich???
Apparently not enough. Still bitching
If you had gotten $10,000 just once 80000 years ago and invested it into a low-risk fund with a 0.5% profit, you would have approx $5.6 * 10177. Which is about $5.6 * 100165 more wealth than Elon Musk has.
INVEST. YOUR. FUCKING. MONEY.
IN AN EFFICIENT. SOCIETY. WE. COULD. EAT. SLEEP. EXIST. FOLLOW OUR HOBBIES AND UNIQUE CRAFT. WITHOUT. PLAYING. FINANCE. GAMES
We are beyond tax, burn the fuckers at the stake
Just after a few days it would be life changing money for me
I highly doubt the USA will copy 1789 France.
No, it’ll likely be worse, if
Thankfully we don’t need to as we don’t have a autocratic government
you do
If you genuinely believe that you either don’t know what an autocratic government is or don’t understand the state of the American crisis.
Trump is the autocrat, and anyways revolutions have always happened even if its not an autocracy. Imagine all the countries that fought against colonialism
Okay I’m not talking about that. I’m talking about Trump’s power, and resultant classification.
How is it possible trump has full control of the entire government at his whim, if his power can be limited by the supreme court and the congress?
You gonna answer my question?
the congress and supreme court have been filled to the brim with trumpers, by trump
Elon musk is less of a tax issue than a corrupt politicians handing out tons of money to one guy because he lied to them a few times and handed them money.
82,000 years ago: WTF is a dollar?
I think the point is to illustrate the scale of the insanity. Bezo’s wealth increases $55k every minute. There’s 525600 minutes in a year. Bezos makes every two minutes the same as the average US household makes in a whole year. Bezos extracts the equivalent of a quarter million people of labor every year. Jeff Bezos does not make the same work as a quarter million people. Yet it ends in his pockets.
