this post was submitted on 27 Apr 2024
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Can somebody please fix the bar scales? Nothing corresponds to anything else, and as such the difference between "millions" and "billions" is indicated by just 1 letter. Not to mention, there is no source for the data or indication why their rates are different (3.05% for Musk and Bezos, 0.309% for Gates).
Indeed! This chart is crap. How are these values even calculated? Is this a flat tax on their networth? Nobody gets taxed like this, at least that I'm aware of - people get taxed on their profits.
I'm completely for taxing billionaires (individuals and corps) heavily on their profits, but let's use proper arguments, not intentionally misleading bullshit.
yes but a wealth tax is a tax on what you own or what you could buy, aka your net worth
Which is fucking stupid.
except for property taxes, which have existed since the beginning of the country.
Property taxes while a wealth tax, is not what people online seem want in this situation. They want a wealth tax that basically says person X is worth Y, so they owe Z every year.
You buy a new car, and it's part of your wealth, own a home. Part of your wealth. Have a 401k...also part of your wealth.
that depends on who you ask
Depends on scale.
At the scale of a property tax, might be ok. Or at least more fair, I'm stuck being taxed on my house which is most of my net worth, so...
At the scale of an income tax, or as frequently demanded an extreme income tax at like 90%, then yes, it would explode, fall to produce desired revenue, and take down most retirement funds with it.
Yep, that's the issue, most people ITT want the second part of that. They don't understand how destructive it would be to do a tax like that.
Of course, in the wrong thread you get branded as some billionaire defender, when you are trying to explain that it's fine to go after them and they do enjoy having way too much actual money, but any strategy to make it fair has to be smart and workable rather than going after an extrapolated number of dollars that don't "actually" exist. It's true that it's all imaginary is an oversimplification when they clearly lead lives of intense wealth, but have to recognize the degree to which that claim is true. So take that into consideration and advocate things like covering unrealized gains as collateral in a better tax system, or a property tax level rate on unrealized gains (though even then, have to tread carefully. Most property has an intrinsic use and the tax burden has been priced into the market for eternity, for a more purely financial vehicle previously not subject to a tax, might have unintended consequences).
Yup, this meme keeps getting reposted over and over like its something super intelligent...when in reality it's someone who has no clue how our economy works at all.
Well, as presented it's not totally out of reason, it sticks to a fairly modest percentage.
The real problem comes in when the pitchforks say '2%?!?!, it should be like 90%!!!!'
Yep that's the issue. People don't realize that they have to sell stocks which in turn is going to have a completely destructive action on people's retirements, when the stock market goes tits up from stocks being sold in mass quantities to cover a 90%
I agree with you but the culture around here is exceptionally infuriating for anyone who understands a thing about finance/accounting/tax/money in general so good luck.
Yep, a lot of delusional utopia types...like communism will totally work this time, because everyone will totally get along.
People will always act in their own rational self interest. Idk where people get this idea from that you can legislate market forces. It's like legislating the tides or the seasons. The commies around here walking around bitching about all these mean rich people are so naive it's really incredible.
Well, you can legislate market forces, to an extent. The issue is the degree to which people are demanding tax revenue goes so far as to violate basic math. People want a wealth tax that for the s&p 500 would hypothetically amount to 36 trillion dollars, but the M2 money supply is only 20 trillion total.
That's actually a really good point I hadn't even thought of. Is there even enough actual currency in circulation to pay the tax people are talking about, or is it all locked up in hypothetical future income priced in to the current FMV? Great post.
Yep, constantly hear people act like everyone will just work to help each other without getting anything more out of it. The level of nativity is astounding from them.
Have seen this chart a couple times and both times that is my immediate reaction. Putting the taxes and the remaining money on the same scale would make the point hit.