51–60 of 144 posts
I heard a while back that the average person will see about a million of their currency over their lifetime. So we can take a million dollars to be about 1 lifetime's worth of money. Elon is currently sitting on 817,000 lifetimes worth of money. I feel like we could have like a >95% income tax when you are worth more than like $20 million and it wouldnt actually matter too much to the people who would cap it out? Of…
Every conversation about the existence of billionaires misses the point: Its not about whether or not billionaires should exist. Its about whether they should exist at the same moment in time when there are people cannot get healthcare or have a decent roof over their head, or a number of other basic things.
I think this misses the point as well. If we eliminated billionaires would everyone have healthcare, a decent roof over their head, and other basic things? I generally believe that to not be the case. The government misspends (to an extent) the money it has now. So the solution is to give them more money to misspend?
We need competent people to remain in control of companies they have created.
I heard a while back that the average person will see about a million of their currency over their lifetime. So we can take a million dollars to be about 1 lifetime's worth of money. Elon is currently sitting on 817,000 lifetimes worth of money. I feel like we could have like a >95% income tax when you are worth more than like $20 million and it wouldnt actually matter too much to the people who would cap it out? Of…
95% income tax would remove any incentive to go above and beyond and you end up with collapsing economy where everybody is doing the bare minimum. See Soviet economy outcome and tofu dreg buildings.
I heard a while back that the average person will see about a million of their currency over their lifetime. So we can take a million dollars to be about 1 lifetime's worth of money. Elon is currently sitting on 817,000 lifetimes worth of money. I feel like we could have like a >95% income tax when you are worth more than like $20 million and it wouldnt actually matter too much to the people who would cap it out? Of…
They own stock in the company they founded. So, you force the founder to sell 95% of the stock they own in the company. Is this a good idea for the stock price of that company as well as the for the ability of that company to raise cash?
1. there's not a huge asshole controlling enormous companies (and then also buying all the media and ruining the public information)
2. we have more competition and lower prices (that's EXACTLY why capitalism was supposed to have anti-concentration laws)
3. you spread the wealth. Now there are more people owning less, but still a good chunk, it's much better to have 1000 millionaires building creative stuff, than 1 egoistical billionaire
> risk-takers who are badly needed But at what point does marginal private incentive stop helping innovation and start damaging democracy? For sure risk-taking deserves reward but the size of the reward matters
But when they fail, they fail upwards. These risks are always on the backs of everyone else. For example, they take risks by using chemicals (that they know) can kill people, by the time people get cancer they are retired, there are no claw-backs. More recently you commit actual fraud, get convicted but then get a pardon and somehow end up with money again running the next "scam". These people never take real risks.…
I heard a while back that the average person will see about a million of their currency over their lifetime. So we can take a million dollars to be about 1 lifetime's worth of money. Elon is currently sitting on 817,000 lifetimes worth of money. I feel like we could have like a >95% income tax when you are worth more than like $20 million and it wouldnt actually matter too much to the people who would cap it out? Of…
They own stock in the company they founded. So, you force the founder to sell 95% of the stock they own in the company. Is this a good idea for the stock price of that company as well as the for the ability of that company to raise cash?
Earlier quoted context omitted.
> I feel like we could have like a >95% income tax when you are worth more than like $20 million and it wouldnt actually matter too much to the people who would cap it out? It wouldn't matter, because the ultra-wealthy generally don't have much income relative to their wealth. Elon Musk (in the article listed at $817B of wealth ) was reported to have had $1.52B of net income between 2014 and 2018, and had no taxable…
Exactly, at that point it shares need to be taxed. SpaceX is valued at ~$1T Dollars and you own 60% of the shares? OK now you are paying taxes on those 60% every year, not on the income it generates, but on the value of what you own. Same for land - Anything above X size or # of properties gets taxed at 50% the land value each year. Now would this happen? Who knows, and also it will have other effects, like devaluing…
Earlier quoted context omitted.
> I feel like we could have like a >95% income tax when you are worth more than like $20 million and it wouldnt actually matter too much to the people who would cap it out? It wouldn't matter, because the ultra-wealthy generally don't have much income relative to their wealth. Elon Musk (in the article listed at $817B of wealth ) was reported to have had $1.52B of net income between 2014 and 2018, and had no taxable…
Exactly, at that point it shares need to be taxed. SpaceX is valued at ~$1T Dollars and you own 60% of the shares? OK now you are paying taxes on those 60% every year, not on the income it generates, but on the value of what you own. Same for land - Anything above X size or # of properties gets taxed at 50% the land value each year. Now would this happen? Who knows, and also it will have other effects, like devaluing…
I heard a while back that the average person will see about a million of their currency over their lifetime. So we can take a million dollars to be about 1 lifetime's worth of money. Elon is currently sitting on 817,000 lifetimes worth of money. I feel like we could have like a >95% income tax when you are worth more than like $20 million and it wouldnt actually matter too much to the people who would cap it out? Of…
Yet he has the shittiest possible life, forced to be scared of someone harming him, all his children in age of understanding who he is hates him, same for his ex-wives, most hated person in the world after Putin and Trump
Also, Elon, Trump and Putin may be the most hated people by amount of people who hate them, but I wonder where they would fall on "proportion of people who know about them who hate them". If a thousand people hate me, I've messed up badly. If a thousand people hate someone that everyone knows, like David Attenborough, that's doing pretty good