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And yet people who want raises are the drag on the fucking economy.
And all those damned social programs.
I know I'm on one, but that's because I actually need it, not like everyone else who are just abusing it. Mostly those foreigners who are both lazy and murderous, but also stealing my job
/s
This is how you get nobility. Before Reagan, wealth typically dissipated by the third generation. We are heading toward the old European model, where families are rich for a millennium.
Hopefully we can also head for the other old European model of dealing with them that the French popularized.
Fortunately for the billionaire class, Clarence Thomas' legal opinion is always for sale.
Clarence Thomas is a traitor to the human race. He'd sell us out to aliens if given the chance.
Societies should not allow billionaires as long as there are people who can't even get food on the table. It's just morally and ethically wrong. Some would even say unchristian.
The answer is simple. Butcher the billionaires and their fortunes. Eat the rich and use the money for social work.
It's a good thing ZERO Justices have taken luxurious trips and gifts paid for by these same exact billionaires that could inject literally TRILLIONS into our communities!
It's the best Supreme Court money can buy!
Fuck that’s a big boat.
Does one person seriously need a boat that big?
Like you can have a smaller boat but it still be tens of millions of dollars and not require an army to crew.
It's not even just the price of the boat though. It costs around 10% of the cost of the boat every year to keep it running.
Oh they have a smaller boat too. It's inside that big one.
But just think about how many jobs that boat is creating!
That was unironically the argument when people were asking why do we have to take a historic bridge apart (again) in Rotterdam just to let Jeff Bezos' toy out to the ocean.
Seize the yachts, make them billionaire prison boats, national guard shoots anyone who leaves
The solution here isn't to tax unsold goods, it's to tax the banks on all the income they're getting from these loans.
TBF we are talking about unrealized gains. Their investments are worth more on paper, but until they sell them, the actual profit or loss will fluctuate. It would be an accounting nightmare to figure tax on unsold investments every year. I do, however, think capital gains should be taxed at the same rate as wage income.
They should be forced to sell, that is the point. Accounting is complicated because people want to hide wealth. None of this is actually complicated it's just been made complex.
There's a better solution. They take loans with these assets as collateral. Tax the use of collateral (as a kind of advance capital gains).
Not forced to sell. Prevented from leveraging as debt
roughly 64,000 ultra-wealthy households
Get your forks and knives ready, fam. We'll be eatin' good, soon.
Guillotines
"But what if I become rich... I should vote against my best interests just in case."
In terms of unrealised gains, that's kind of a tricky one. They certainly do benefit massively from unrealised gains though, like anyone would on paper.
The best quote for this I've ever heard is "Europeans vote like they'll one day be poor. Americans vote like they'll one day be billionaires."
$8.5 trillion in untaxed profits in 2022.
through unrealized capital gains.
Just to be clear, we're talking about wealth taxes, not income taxes. Yes, the wealthy have all kinds of avoiding paying fair income taxes. But, this is a different issue, this is a wealth tax.
It's important to realize, that most of the US already has a form of wealth tax: property taxes. The thing is, property taxes are a regressive form of wealth tax. Sure, the poorest people pay no property-wealth tax, because they're not wealthy enough to own taxable property. This time they do catch a slight break. Anybody who is middle-class and lucky enough to own a home pay the highest percentage of their total wealth as property-wealth taxes, because virtually all their wealth is tied up in that property. The wealthy pay almost no property-wealth taxes relative to their total wealth because only a tiny amount of their wealth is tied up in property.
If you graph it out, at the bottom the effective wealth tax is zero, then it jumps to a much higher number, then it declines more and more as you get richer and richer.
I say screw property taxes and replace them with a proper progressive wealth tax. Along with that, an inheritance tax with teeth and proper enforcement. The grandkids of billionaires should be starting on an equal footing with everyone else.
We need to tax them on a different basis once they achieve far more than is reasonable for themselves and their family.
Instead of taxing them for the value of liquidity moved into or out of their care; we should tax them based on how much their value grows each year as well as assessing any normal "wage tax" as needed.
So if you grow in net worth value by 200%, so too do your taxes grow by a certain percentage. This tax is then paid directly each year. Your losses in worth do not count, and do not decrease your taxes until several years later. This should prevent anyone from tax dodging this, as even if you only held the money for long enough to activate this tax, you still held it.
This tax also applies to companies holding, far in excess, more money than they reasonably need to operate normally. No business shenanigans should save one from being taxed for accumulating more wealth than reasonable.
While most people in the world need not fear tripping this tax, anyone who is within the top 1% should be wary of it.
This has complications for people who own assets they can't sell in part, especially somebody inheriting a family property, etc. But it's solvable, because the main loophole these billionaires use is to take loans with the assets as collateral, generating cash flow which cost them less than taxes (interest rate is below taxes), so then we can tax the use of collateral in loans instead as a complement to capital gains tax on sale.
headline should read
they want to "PAY" the Supreme Court to keep it that way
Nobody needs this kind of wealth. You have to be a real douchbag to buy this kind of boat. Many ways to use wealth without showing off in this un tasteful way. Unfortunately most of society today loves to see rich people on tickfuck and instagram. It will only get worst.
Read a book have a beer with a friend. ok bye.
The solution is simple. Murder them and all their heirs. Begin a new Bastille Day.
I find it super weird that there are people out there that still defend this practice while they make no money and live in a ‘trickle down’ delusion.
I’ve had numerous conversations with two of my brothers who have no money but this ridiculous ideal they are in the same box as musk and treat him like he’s vulnerable as if he represents ‘the working man’.
No fucking shit
Billionaires will never allow things to be fair or nicely do the right thing. People know what has to happen, it won't be via a court ruling. Plus they have class solidary and own judges/people in power.
It's a feature, not a bug, you silly goose. Now get back to work making excess profits.
Resetting the cost basis on death is a huge issue.
I'm gonna call this now. The Supreme Court will uphold keeping trump off the ballot. But won't allow a wealth tax, because this Supreme Court will attempt to do a "this for that" deal with the American people.
sounds like clarence is gonna get some late christmas presents