fair share?

I mean you could even take the bottom number and leave them with the top number and they could still live in unimaginable luxury forever. Or just take the lot because fuck em lol.

Tax billionaires until there are no more billionaires

Do billionaires actually have billions in real money sitting around? I've always thought the billions were in stocks and couldn't be taxed until they cashed it out and they could technically lose everything if the stock price falls. That's really fucked up if true

Sad day when "billionaires should pay taxes" is considered a far left position.

Wealth taxes are stupid. That said, nobody needs multiple hundreds of billions of dollars.

The solution is to have regulations and laws in place that prevent them getting this large in the first place. The fact that Amazon and Google own 90% of the internet is absolutely fucked.

Uhhh is the ask to liquidate their assets? They will just sell a Picaso painting that they 'value' at 60% of their gross income.

Why do you guys fetishize these billionaires and not the giant hedge fund pools that make these guys rich in the first place?

Yeah and maybe also cutting down on their non-profit organisations scheme to avoid taxes would be nice..

Billionaires shouldn't exist. Their fair share is more like 95%.

Counterpoint: But they don't wanna pay taxes! They don't wannaaaaaaaaaaa.... why are you being so mean to the precious billionaires?

So there are irreconcilable issues on this issue and Congress is currently too busy trying to impeach Biden because his son had dick pics on his laptop.

Wealth taxes actually work, that's why the rich attack them so vehemently.

The tax should be even higher. No one needs $100 billion.

I'd be willing to be taxed into oblivion if I knew it'd mean everyone else could lead full lives. And I make nothing.

Now imagine the good their excess wealth could do.

Here's the basic idea of what I'd think is fair

You have a basic rate for income below the 20th percentile of all incomes

Multiply that by 1.5 for income between that and the 40th percentile

Multiply that by 1.25 for income between that and the 60th percentile

Multiply that by 1.125 for income between that and the 80th percentile

Multiply that by 1.0625 for income between that and the 95th percentile

Multiply that by 1.03125 for income between that and the 99th percentile

Multiply that by 1.015625 for all income above the 99th percentile, with the additional caveat that people who top this bracket even once cannot hold public office, donate to political campaigns, or hire lobbyists and lobbying firms for ten years following them topping out.

Imagine something similar for taxes on units of housing owned, dividends earned, and so on and so forth.

The idea being that the highest rate can't be adjusted without significantly reducing the tax burden of the poorest, basically erasing the only way conservatives have been able to balance the books whenever they try that shit.

'You just hate billionaires!' never makes sense.

I hate that guy so much, I want him to have one hundred million dollars.

Unpopular opinion: You’ll get the same amount out of the billionaires if you tax them 3% or 97%.

As of this point every wealth tax that has been implemented ends up getting abandoned because if how inefficient they are. It's like rent control, it sounds great on paper bu historically never works out like it was planned.

When do we start burning things.

3% is a fair share?

Even if the wealth tax will get passed, it'll cost much less than a billion dollars to hire a big and expensive team of lawyers and accountants that can find several ways to bypass it.

As a temporarily embarrassed billionaire myself, I have reservations about this

How would this be implemented? I don't think the market would appreciate if all billionaires were suddenly forced to sell off billions worth of their shares. Don't get me wrong, I'd love to fight back against these tyrants, but not if it crashes the economy and makes the lives of workers worse.

The problem is, unless them getting taxed more results in you getting taxed less, it almost doesn't matter. It seems like any extra money the government ever gets just ends up going to more war.

But it's not real money until they want to use it.

That said the US government collects 5 trillion dollars a year in taxes. 15 billion is nothing. The issue is where we are spending that money, not what we are collecting.

Only $4.6 Billion for Musk? I'm sure he'd appreciate that, since he paid $11Billion in 2021.

https://www.cnn.com/2022/02/10/investing/elon-musk-tesla-zero-tax-bill/index.html

Wouldn't a wealth tax be a yearly thing?

Why is it assumed that if the government has more money, then things will be better?

The government is filled with inefficiency that will just be made worse by throwing more money at the issue. Americans are not getting value out of their taxes.

Americans have record low confidence in congress and many officials in government (Supreme Court). Why would we give them more money when they, congress in particular, is responsible for setting the budget?

For a community named lefty memes you sure do get a lot of people adding ""nuance"" to taxing billionaires.

Almost makes you wish the .ml circuit was here to dunk em.

Almost.

I agree we should have a more progressive tax. The problem is fair is a relative term. When is fair fair enough? The fact is the underlying problem is overspending and no amount of "fair" increases to the tax rate is going to solve that problem.

consider the following: We forcefully seize the means of production and get rid off all parasites

They'd rather spend a few mill on PR and call it a day.

Bernie shit lol, this is never gonna happen