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You Are Jeff Bezos

direkris.itch.io

51–60 of 95 posts

Re: You Are Jeff Bezos

#51
I stopped reading at:

“What would you do if you had more money than any single human being should ever have?”

Who’s to say who should have what? What kind of dystopia are you imagining?

The only reason Bezos has money is because people give it to him, and for good reason.

Re: You Are Jeff Bezos

#52

Earlier quoted context omitted.

>"Being a billionaire is inherently immoral." No it isn't, and that's no a self-evident assertion. Jeff Bezos is a billionaire because the company he created and led for the past 20 years is an insanely productive business. People want to own shares in his company and that is why his holdings are worth so much. >"without underpaying or overcharging others" This is an impossible standard to meet. In a system as massiv…

I would argue that's the baseline disagreement right there. "No it isn't, and that's not a self-evident assertion" - I would say those on the further left think it is. The premise being "Is there an amount of wealth one person or family can have, that is so exorbitant in comparison to the average citizen that it is unjustifiable on its face?" - and the easily marketable answer is "billionaire". Do you think there is…

>"Do you think there is no moral limit to the amount of wealth one person can have in society, while millions around him suffer?"

This is an intriguing premise. My personal answer is 'no'. This is because I see this as a personal value judgement and not something that can be applied as a moral standard. It is analogous to the question of taxation and what counts as "someone's fair share", because you will never get an agreement as to what constitutes a "fair share" of someone's income. We can certainly agree that people should contribute something via taxes, but we will never arrive at a satisfactory rate of fairness.

Compounding the problem is the second part of the question, "while millions around him suffer". Maybe I'm just too influenced by Buddhist philosophy, but I see suffering as an inescapable aspect of life itself. It could be said that my personal wealth, as modest as it may be for a middle class American, is of a similar magnitude of inequality to the average Burundian citizen. In practical terms, I'm basically a billionaire compared to the world's most impoverished individuals.

Re: You Are Jeff Bezos

#53
post #42

Earlier quoted context omitted.

Housing, not houses. And they don't own the property. In most programs like this, the person gets a single room or (if they have a family) a small apartment. It's considered temporary - only until they can get back on their feet financially. It's still only one step above complete destitution. Most people would prefer better and would still work hard. It's a lot easier for a person to get a job, or beat any personal…

We spend about a trillion dollars on welfare a year but i'm sure this next 20 billion would finally crack it!

I make no comment about the wisdom of this particular idea. I'm only objecting to what you said about "incentives".

Re: You Are Jeff Bezos

#54
post #14

Earlier quoted context omitted.

> Does it mean that we should tax wealth? Absolutely not. I'm not so sure. Maybe we should. Wealth hording is a real issue. I'm at least open to the idea. I agree with the rest of your comment.

Taxing wealth acts as an incentive to spread the shares around the company instead of hoarding them. Don't want your wealth taxed? Let the workers enjoy the fruits of their labor. The same goes for ~90% brackets. Don't want your salary to be taxed at such a high rate? Put that money into R&D or worker's paychecks.

This only applies in the very limited scenario where you personally own the shares. What's to stop someone from setting up a trust, shell company or similar and then giving them all of the "wealth" while maintaining a controlling interest? From there, the individual simply extracts what they need when they need to. We're basically back to the original scenario only with more steps added in between.

I assume there isn't going to be an argument against companies "hording wealth."

Re: You Are Jeff Bezos

#55

This appears to either be a sincere product of a socialist Utopian who doesn't understand basic physical processes and tax concepts, or a cleaver work of satire. I'm unsure which at this time.

It's really at a Twitter mob level of financial understanding. Which is to say it only understands to the degree that it generates outrage.

Re: You Are Jeff Bezos

#56
> End homelessness in the United States (-$20 billion)

The problem with this way of thinking is: we've already spent this amount of money on ending homelessness. California plans on spending $4.8 billion next year [1]. HUD has a budget of around $2.7 billion [2]. In 2019, the City of New York spent $3.2 billion [3]. I haven't bothered to do a full accounting of how much we've spent on homelessness over the past 5 years, but from those three data points it seems safe to extrapolate we've spent over $20 billion. This is also in the context of the larger War on Poverty, which has spent an estimated $15 trillion since the program started in the 1960's [4]. It seems that simply throwing money at problems is insufficient.

> "The options are stark reminders of public good we forsake in refusing to redistribute wealth." - Newsweek

One could just as easily make a game that did something similar with the US government's budget. The overall budget is something like $4 Trillion. Just the annual interest payments are on the order of $250 Billion. If we had a more fiscally responsible approach to budgeting and therefore didn't have to make interest payments, according to that game we could "repair Puerto Rico," "hire 100,000 new teachers," and "end homeless in the United States." We already redistribute wealth on a grand scale.

It's also not like the wealth of billionaires is just in a Scrooge McDuck-style money vault that they swim in all day, nor are they like Smaug, holed up in a cave sitting on vast amounts of gold and precious stones. The wealth is invested in various things, which in turn serve the public good.

1. https://www.latimes.com/california/story/2021-07-16/californ... 2. https://endhomelessness.org/ending-homelessness/policy/feder... 3. https://datalab.usaspending.gov/homelessness-analysis/ 4. https://en.wikipedia.org/wiki/War_on_poverty

Re: You Are Jeff Bezos

#57
post #6

I decided to "pay off personal taxes" >Here's where we get into the dicey business of what "personal worth" is, and how that translates to taxable income. >Answer: It usually doesn't, because rich people are master frauds and charlatans who exploit loopholes in tax code to avoid paying their fair share. >Jeff Bezos is worth $156 billion? You're using the top tax bracket of 37% and paying out $57.72 billion of that. Y…

> He's supposed to pay tax on income not on wealth. Yes. That’s the trap most of these arguments for taxing the rich fall into under the current system. Having money and making money are taxed differently. If you own a house and all of your neighbors sell theirs at a 30% markup, should you pay taxes on making $300,000 (for a 1mil house) this year? Maybe … seems kinda unfair though. You didn’t participate in those tra…

The wealth tax is a bad tax, but it's trying to fix a bad monetary system.

When the Fed only cares about inflation and doesn't care at all about wealth inequality effect of lowered velocity, you get exactly what you incentivize.

The Fed lowers interest rates. The wealthy take out loans. The wealthy buy assets with the money from those loans. The values of assets goes up. As the wealthy assets are now up, they are free to take out another loan... as all new money was just piled into markets and isn't consumed the velocity goes down, and therefore the inflation rate goes down. As the inflation rate went down... the Fed lowers interest rates.

The true way to solve this issue is by having a constant velocity of the money supply. If you don't give Congress the tools to fix the monetary system, their only option is a hack.

Re: You Are Jeff Bezos

#58
I think the most salient part of this is the remarking that being a billionaire is immoral.

I don't think being a billionaire is necessarily immoral, but I definitely think it's incredibly difficult to do so without being immoral. I think the closest examples I can think of are people who weren't even trying to become wealthy - I doubt anyone whose goal was to make fat stacks of cash would, for instance, start writing young adult fiction on napkins in a pub in Britain, or start writing a voxel-based crafting game in Java. And unfortunately even these two individuals aren't remotely close to paragons of virtue.

That said, I think the biggest sin of Jeff Bezos' is just being complicit in the whole system that keeps our tax code a disaster. I would feel a lot better about the wealthy, and mega corporations, if I felt like they were appropriately paying for the community resources they use, for example:

* public universities and education that educate (and train, to some degree) their workforce * public services that cultivate the kind of safe and secure society that allows people to focus on things that aren't subsistence or physical security * infrastructure that makes their existence possible - roads their employees drive on, DMVs that their employees register their vehicles at, water systems their employees drink at both work and home, power systems that provide stable electricity, etc etc etc * And it's not just your employees, it's your customers too. If we didn't have all of the above, people would have a lot less psychological, financial, and physical safety to need anything Amazon sells. * And something that I think really goes under-noticed: the world's best-regulated, safest, most reliable, most well-understood, and most liquid securities market. Both private and public. So much goes into making all of that crap (I say this semi-affectionately as someone who used to work in the sector) work, and it's where an enormous percentage of both these companies weath both lives and came from.

I think you see where I'm going with this. All of the wealth that's generated here is entirely predicated on, and a product of, this incredible foundation we've built collectively as a society. And the bigger you are, the more wealth you generate, the more of this system you've taken advantage of in one way or another (with some of the secret sauce of these companies being that their employees and company take a relatively small amount of it, while their reach scales to so many more customers, that they disproportionately (compared to other companies) take advantage of huge swathes of the customer side of "benefiting from the social foundation".

This is the main thing that irks me. They would be nothing without all of this, and yet they can use their wealth to skirt out of paying their fair share, even though it really seems to me that paying their fair share - paying back into the system they benefitted from - is probably better for them in the long run (50+ years) as they'll have more educated employees, more stable customers, and so on. It's a giant feedback loop that they're short-sightedly intentionally not paying back into.

Re: You Are Jeff Bezos

#59
post #48
post #30

Such an unrealistic game, doesn't have the option anywhere to create jobs for 1.3 million employees while also providing an immense service to the world. I hope people really don't believe anything like the contents of this game, but I know some do.

It's as if these people haven't heard of the government and how much money they have to throw around to fix their wish list of problems. Why is it a private individuals responsibility?

Completely ignoring that we spend 2+ trillion on welfare in USA yearly ( if you include Medicaid ), albeit only hundreds of billions on housing.

Re: You Are Jeff Bezos

#60
post #54

Earlier quoted context omitted.

Taxing wealth acts as an incentive to spread the shares around the company instead of hoarding them. Don't want your wealth taxed? Let the workers enjoy the fruits of their labor. The same goes for ~90% brackets. Don't want your salary to be taxed at such a high rate? Put that money into R&D or worker's paychecks.

This only applies in the very limited scenario where you personally own the shares. What's to stop someone from setting up a trust, shell company or similar and then giving them all of the "wealth" while maintaining a controlling interest? From there, the individual simply extracts what they need when they need to. We're basically back to the original scenario only with more steps added in between. I assume there isn…

> I assume there isn't going to be an argument against companies "hording wealth."

Mm, I dunno. Why not? Maybe Apple shouldn't be sitting on a massive pile of cash which could be put to some useful purpose.

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