161–170 of 207 posts
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I don't think it would be bad for equity in any way. It might actually be good instead actually. First, the general public would have more disposable income if we shift more of the tax burden on the ultra rich. Second, people like Elon Musk won't be able to give themselves massive bonuses that are essentially paid by diluting common stock. Also, with regard to the U.S., the U.S. could wipe out its national debt with…
No way wealth tax covers the debt. It would be more of an asset seizure and forced sale or nationalization of a bunch of businesses and illiquid asset classes. The rich don’t hold enough cash to make it happen. The other issue is the U.S. deficit is a feature not a bug. As long as the world buys the bonds, it’s “free” and no one will care until forced austerity happens. Look into the end of the Gilded Age to see how…
We'd largely be transferring shares in companies to the treasury bond holders, ie the people and orgs who hold US debt.
The federal government might for example force mega-sized private companies like Koch Industries to go public to get an accurate market valuation (or just sell it to private equity by starting a bidding war on it across many private equity investors).
The wealth tax cutoff would be determined by the national debt. It might fall to a relatively harsh / low threshold like 99.9% of assets over $20 million. Or maybe 99% of assets between $20 million to $1 billion, and 99.9% on assets above $1 billion.
Treasury bonds themselves would be subject to the wealth tax, so someone with $100 billion in T bonds might just see 99% of $80 million erased. So even the total number of T bonds payable will drop under this wealth tax.
But someone with $100 million in shares in private and public companies will see their shares transferred to the federal government, and then eventually sold.
Once every T bond has been paid off, Congress and the states could try to close the centuries-long chapter on debt by trying to pass a balanced budget constitutional amendment.
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> recouping what they were owed I’m just a dumb blue collar worker, but I’m going to go with “No” here. They were only ever owed what they agreed to work for. Now, that’s changed and they negotiated a different agreement. They were never owed this until both parties agreed they were.
I don't think it was meant to be taken so literally.
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You can retire in Korea on 200K after tax?
CoL outside of Seoul is ridiculously cheap
A 40 year old person can’t retire on that money.
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That’s nice for the handful of people in the right place at the right time, I guess…
Yes, just like the Samsung employees we're talking about.
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Capital, politicians, conservatives, libertarians,
We’ve gotta add American Liberals, majority of Democratic Party to the list. The Sanders faction is unfortunately not yet the prevailing force.
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Yeah give me the median
Not all workers will fare equally. As an illustration, Reuters cited a union source estimating that someone in the memory chip unit earning an 80-million-won base salary could take home roughly 626 million won in total bonuses this year. By comparison, workers at SK Hynix stand to collect upward of 700 million won should their employer post annual profit of 250 trillion won, Reuters calculated. Unlike at Samsung, SK…
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I don’t think pilots unions do much to restrict supply.
Structurally the way it works is that the AMA or ALPA or what have you lobby for regulations that just so happen to limit supply, and heavily push back whenever anyone proposes regulations that would loosen it, usually on safety / quality grounds. There are also revolving doors between the regulator and the relevant professional bodies. I'm pro union in cases where employers are a monopsony and workers have few optio…
I do wonder if this is good for Korea in the long run. There's not many employers like Samsung and SK that can provide this level of compensation for cost centers. I think many more workers are going to start demanding red carpet treatment when companies are choosing to outright shut down or move operations out of Korea due to increasing pressure from unions. ex) Hanjin, SsangYong Motor, GM, Renault Samsung/Renault K…