The prospect of still being billionaires, but with less billions, was just too much to handle
Exactly why they need to be taxed more.
Billionaires shouldn’t exist to begin with and don’t assume tax money are used by governments for good.
Financial obesity is an existential threat to any society that tolerates it, and needs to cease being celebrated, rewarded, and positioned as an aspirational goal.
That’s 247 billionaires we could have put in the buffet. Never trust a billionaire. Eat them at first opportunity.
Once you start to have money, you get a money dependency. No matter how rich you get, the “baseline you really need to live the life you want and nothing more” growths together with your wealth.
Take lottery winners and ask them if they could give away half of their gains. Will you be surprised if most of them say no, even though the day before they would have set their “minimum needed to live a happy life for the rest of my days” at a much smaller fraction of it?
Now take a similar population, but who in addition rationalized them deserving that money through their hard work and talent.
These people are genuinely sick in the head, this level of pointless greed is not normal. Of course they aren’t going through with it.
Exactly like gambling addicts. They are blinded by capitalism, because capitalism is nothing but gambling, and not only are these people addicts, the game has completely usurped society itself. Just think about it- what dictates our society? It’s not our values, or ideals, our wishes and wants and dreams, it’s the economy.
The Economy is a fucking golem that has overtaken democracy, we have no say, what The Economy wants always takes precedence, and the only thing The Economy wants is MORE MORE MORE MORE MORE MORE MORE MORE MORE MORE MORE. MORE people, MORE things, MORE money, MORE. You know what else does that? Cancer.
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Every country would need to adopt a universal taxation of wealthy individual for increased taxes to work. What I am saying is if US has a 75% for those earning over certain amount. Then other countries have to do the same. If not then Billionaires will run/relocate to the cheapest taxes. Which would be easy since the country they move to will be happy to get Billionaires tax money.
Relocation is a bogus threat. Billionaires will not leave first world countries.
They will, on paper.
That’s why more countries should adopt the usa’s stance on external taxation. As much as people bitch about it, it’s a great anti tax haven policy, even if we don’t follow through on everything else necessary to do so
Can you elaborate?
Usa taxes citizens in foreign countries. Though they can subtract local taxes from the total, so you only get taxed if local taxes are less
I see, the for clarifying
Someone needs to read up on “capital flight”, this is a known phenomenon we’re talking about, not speculation.
I’m not saying it doesn’t ever happen, but we really need to stop talking about it like it’s such a serious threat to the country’s financial stability that we should chicken out and stop taxing the rich.
The billionaires in all those other tax haven countries also repeatedly make the same threats to their own governments too. They’re playing us for chumps.
it’s such a serious threat to the country’s financial stability that we should chicken out and stop taxing the rich.
No one’s saying this, this is a straw man.
It’s just a simple fact that there is a ‘sweet spot’ when it comes to maximizing tax revenue. It’s the same as if you’re selling a product for $10, then 100 people buy it, and you assume that you’ll double your $1000 profit if you sell it for $20 instead, but then the number of buyers went down to 10, and now your bottom line is $800 less, instead.
“Just tax them more” is not the simple/obvious solution it appears to be on the surface. Also, people don’t just not react when stuff like this changes, to protect themselves; just compare tax revenue presently to what it was when it capped out at (iirc) 91%.
And even IF ‘turning that dial’ simply increased tax revenue, it needs to be combined with that revenue being spent productively, for it to make any difference at all. Hell, I think the US already brings in more than enough tax revenue to do everything we want it to do, if it was doing it as efficiently as it could be.
No one’s saying this, this is a straw man.
…and then you go on to spew exactly that talking point at length.
Liar. This is what I identified as a straw man:
it’s such a serious threat to the country’s financial stability that we should chicken out and stop taxing the rich.
Now quote me “spew[ing] exactly that talking point” that we should stop taxing the rich. You won’t, because you can’t, because I didn’t.
Shameless, pathetic liar.
…you do understand that “stop taxing the rich” in that sentence doesn’t literally mean set it to 0%, yeah? The only strawmanning here is you taking things way too literally. You still argued exact the thing I was talking about, i.e. that taxing them might make us lose revenue therefore we shouldn’t do it.
Also, ad hominems get you blocked, so bye bye
