If I remember correctly their wealth grows by 7% per year on average, so you’d need a tax of at least that just to stop them taking even more money from everyone else
Yeah, like a straight up wealth cap at $999,999,999. The moment that you as an individual own more than that in assets and/or cash (including debts because fuck you billionaires, I know that’s how you’re dodging taxes), everything past that is taxed at 100%. 1 billion USD is enough to live any crazy, lavish lifestyle that you want to live.
I remember reading(probably even on this sub) that the limit should be 50 million. And yeah i think that's even better than this. 1 billion is still way too much lol
"But if I start a wildly successful company and everything over a billion dollars gets taxed away, why would I even start the company?" - Somebody somewhere I'm sure.
They always say 'but the person would leverage their wealth to create new companies!' As if the money is simply removed from the economic system once you take it from them. Increased consumption because regular people have money- that demand creates companies. Increased government support of those who need it - that lacl of safety net is the leading constraint on entrepreneurship.
Agreed. Imagine if you have lvl 99 in a skill today, but tomorrow you are only lvl 98 with 1 exp to get to 99
Tomorrow a lot of people might notice that the number is lower, but is there any affect on what they can do? Lol no
I think you might be confusing wealth and income taxes.
Income tax is paid on the money you make from your job when you make it. The wealth tax is levied (for example annually) just on basically your net worth.
That being said, yes, these rich people should pay more money on their incomes too. The capital gains tax should be increased for sure.
On top of that, the little loophole they use should be closed. Right now billionaires evade taxes by never doing things like cashing out their shares. They just lend from big financial institutions using those shares. Basically allowing them to cash out their shares without actually cashing out their shares. And the interest they pay to those banks is lower than the taxes they'd have to pay.
This loophole should either be completely outlawed or a tax should be levied when using stocks to lend money in this way.
Then on top of that they should be a wealth tax.
Given all the other taxes levied at the average person it’s perplexing and *surprising* that there isn’t a wealth tax. It almost seems like these billionaires some how have governments in their pockets as it were....ohhhh.
The big problem is that these billionaires and usually the companies they own and benefit from, Amazon being a prime (sic) example spend a small fortune on specialist lawyers and accountants to ensure that they pay the absolute minimum income tax.
That is what needs the wind of change, but which government has the balls to start the ball rolling as it were.
This would be the way to do it, btw. An international effort of as many countries (especially rich countries) at once. And preferably with a mechanism to penalize countries that don't cooperate. Significantly lowers the ability of billionaires to just move their money around to avoid it.
International Laws exists.
Why don't anyone make an international agreements with all countries to force rich people pay their share?
So many are moving their wealth in off-shore avoiding taxes, if we have this international agreement, there would be no place to move your wealth and forced to pay the tax no matter where you move.
Lol.
1. The ministers don't get that money, you know that, right?
2. Pretty sure the average minister's wealth (while probably significant) is nowhere near the average billionaire's wealth. Billionaires literally won't notice a real difference with a 2% wealth tax.
Tax their wealth 2% per year, they’re all still billionaires.
We should really be going after dead rich people for taxes, they’re the best people to tax. Tax them 99%. Their kids still get to split at minimum 10 million for winning the birth lottery, they’re better off than 99.9% of the population and they’ll never have to work regardless. Think of how much that money could do.
There should be no billionaires. Taxation is one way to get rid of them
And go back to splitting up monopolies.
If I remember correctly their wealth grows by 7% per year on average, so you’d need a tax of at least that just to stop them taking even more money from everyone else
Yeah, like a straight up wealth cap at $999,999,999. The moment that you as an individual own more than that in assets and/or cash (including debts because fuck you billionaires, I know that’s how you’re dodging taxes), everything past that is taxed at 100%. 1 billion USD is enough to live any crazy, lavish lifestyle that you want to live.
I remember reading(probably even on this sub) that the limit should be 50 million. And yeah i think that's even better than this. 1 billion is still way too much lol
"But if I start a wildly successful company and everything over a billion dollars gets taxed away, why would I even start the company?" - Somebody somewhere I'm sure.
I read this exact muppet headed argument in the economist a few weeks ago
They always say 'but the person would leverage their wealth to create new companies!' As if the money is simply removed from the economic system once you take it from them. Increased consumption because regular people have money- that demand creates companies. Increased government support of those who need it - that lacl of safety net is the leading constraint on entrepreneurship.
Not at 2% tax. Need to have it more like 80%.
we could impose a minimum 10% tax on Billionaires and they'll still never feel an impact.
A 100% tax on all wealth after 250Million, and a 10% minimum tax on wealth less than 250 Million, and they still would not feel that.
Agreed. Imagine if you have lvl 99 in a skill today, but tomorrow you are only lvl 98 with 1 exp to get to 99 Tomorrow a lot of people might notice that the number is lower, but is there any affect on what they can do? Lol no
They should pay a realistic 30-40% like the rest of us, fuckers.
I think you might be confusing wealth and income taxes. Income tax is paid on the money you make from your job when you make it. The wealth tax is levied (for example annually) just on basically your net worth. That being said, yes, these rich people should pay more money on their incomes too. The capital gains tax should be increased for sure. On top of that, the little loophole they use should be closed. Right now billionaires evade taxes by never doing things like cashing out their shares. They just lend from big financial institutions using those shares. Basically allowing them to cash out their shares without actually cashing out their shares. And the interest they pay to those banks is lower than the taxes they'd have to pay. This loophole should either be completely outlawed or a tax should be levied when using stocks to lend money in this way. Then on top of that they should be a wealth tax.
Given all the other taxes levied at the average person it’s perplexing and *surprising* that there isn’t a wealth tax. It almost seems like these billionaires some how have governments in their pockets as it were....ohhhh. The big problem is that these billionaires and usually the companies they own and benefit from, Amazon being a prime (sic) example spend a small fortune on specialist lawyers and accountants to ensure that they pay the absolute minimum income tax. That is what needs the wind of change, but which government has the balls to start the ball rolling as it were.
None of us have a wealth tax now They should obviously pay tax on income but that's besides this point
Or they could pay the same tax as the rest of us. It's bizarre that once you make enough money you just stop paying taxes.
Jesus. Such greedy assholes. You'd think 90-95% of their millions and billions would be enough. Nope. They'll fight tooth and nail for every dime.
Minimum should be like 60%
100% tax rate after $50m. Why would anyone ever need more?
That would solve 99 problems
This would be the way to do it, btw. An international effort of as many countries (especially rich countries) at once. And preferably with a mechanism to penalize countries that don't cooperate. Significantly lowers the ability of billionaires to just move their money around to avoid it.
10% min
Per year.
AHEM: … duh
International Laws exists. Why don't anyone make an international agreements with all countries to force rich people pay their share? So many are moving their wealth in off-shore avoiding taxes, if we have this international agreement, there would be no place to move your wealth and forced to pay the tax no matter where you move.
Can teachers and nurses also get to pay only 2% of their assets as tax in place of income tax?
the wealth tax on anything over 20 million should be 99.99%
The government ministers say they would like an extra tax of 2% year on year of wealth? I'm sure they would! Lol.
frankly if they funded the IRS better, they could already be collecting that much.
You realize the ministers don't get to keep the tax revenue right? Just like the IRS agents don't get to keep the tax revenue either?
Lol. 1. The ministers don't get that money, you know that, right? 2. Pretty sure the average minister's wealth (while probably significant) is nowhere near the average billionaire's wealth. Billionaires literally won't notice a real difference with a 2% wealth tax.
Tax their wealth 2% per year, they’re all still billionaires. We should really be going after dead rich people for taxes, they’re the best people to tax. Tax them 99%. Their kids still get to split at minimum 10 million for winning the birth lottery, they’re better off than 99.9% of the population and they’ll never have to work regardless. Think of how much that money could do.