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Millionaires call for an emergency tax on billionaires

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Re: Millionaires call for an emergency tax on billionaires

#11
post #3

Until there's a wealth floor -- until everyone is fed, sheltered and has access to education, there needs to be a wealth cap. We, as a collective humanity, should not allow anyone to have more than, say, $20 million, until the basic needs of others have been met.

That's a little authoritarian.

Re: Millionaires call for an emergency tax on billionaires

#12

Earlier quoted context omitted.

Few more steps and you"ll reach communism.

Why think of ways to improve society when we could just keep suffering through what we have now?

Do you not think society is improving? Over the past 20 years we had the greatest drop of poverty ever seen.

Everyday society is improving.

Re: Millionaires call for an emergency tax on billionaires

#14
post #6
post #3

Until there's a wealth floor -- until everyone is fed, sheltered and has access to education, there needs to be a wealth cap. We, as a collective humanity, should not allow anyone to have more than, say, $20 million, until the basic needs of others have been met.

What would this policy look like? Government seizing shares of companies from people if their valuation rises too much?

We have that already and it's called taxation. What would change would be that it would include a wealth tax that goes to 100% after that threshold.

Oh, but don't worry. Greed is such an amazing motivator that it wouldn't take a decade before we accomplished meeting those basic needs.

Re: Millionaires call for an emergency tax on billionaires

#15
post #6
post #3

Until there's a wealth floor -- until everyone is fed, sheltered and has access to education, there needs to be a wealth cap. We, as a collective humanity, should not allow anyone to have more than, say, $20 million, until the basic needs of others have been met.

What would this policy look like? Government seizing shares of companies from people if their valuation rises too much?

I had a half baked idea of the government seizing shares, and those become non-voting shares. Those shares are then rolled into a huge fund whose shares are distributed along with tax returns. It would probably amount to essentially free $SPY shares.

Didn't think through it much, aiming for a national product that elevates everyone in the country. Kinda like a Norway oil fund.

Re: Millionaires call for an emergency tax on billionaires

#16
post #10
post #6

Earlier quoted context omitted.

What would this policy look like? Government seizing shares of companies from people if their valuation rises too much?

A progressive tax.

Taxes usually only apply to income, not assets.

Re: Millionaires call for an emergency tax on billionaires

#17
post #3

Until there's a wealth floor -- until everyone is fed, sheltered and has access to education, there needs to be a wealth cap. We, as a collective humanity, should not allow anyone to have more than, say, $20 million, until the basic needs of others have been met.

The problem is that inflation destroys the value of money quicker than you realize. Nice houses can cost $30M in alpha cities. $20M is a goal post that will need to be moved regularly. It’s too difficult to say what is “enough”.

This is a common response but who's problem are you solving? How many people are affected by this? And it seems modern state banks aren't as scared as inflation at the macro level, why do we need to be concerned?

Re: Millionaires call for an emergency tax on billionaires

#18
post #3

Until there's a wealth floor -- until everyone is fed, sheltered and has access to education, there needs to be a wealth cap. We, as a collective humanity, should not allow anyone to have more than, say, $20 million, until the basic needs of others have been met.

The problem is that inflation destroys the value of money quicker than you realize. Nice houses can cost $30M in alpha cities. $20M is a goal post that will need to be moved regularly. It’s too difficult to say what is “enough”.

So a wealth cap would also help to fix the insane inflation of house prices? Is there a downside?

Re: Millionaires call for an emergency tax on billionaires

#19
post #3

Until there's a wealth floor -- until everyone is fed, sheltered and has access to education, there needs to be a wealth cap. We, as a collective humanity, should not allow anyone to have more than, say, $20 million, until the basic needs of others have been met.

Few more steps and you"ll reach communism.

Right now, in America, you have more people suffering from poverty than you have people with wealth. You also have taxation which is regressive, not progressive -- which was what brought on the French Revolution.

We can have empathy now, or we can be surprised later.

Re: Millionaires call for an emergency tax on billionaires

#20
post #16
post #10

Earlier quoted context omitted.

A progressive tax.

Taxes usually only apply to income, not assets.

Income taxes are the ones that apply to income. Other taxes apply to other things, e.g. property taxes apply to property and sales taxes apply to sales.
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