Did you expect an addict to thank you when you take away their drug cold turkey? Billionairism is a mental disorder, like addiction, and it should be handled with the same care. The kind of care that only billionairs can afford in the US, I must add.
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Problem isn’t the billionaire vote, but rather the billionaire dark money being funneled to the other guy instead. Which I’m sure they’re all doing anyway, but they could decide to do it more. Which makes it ever more important for grassroots efforts to get the vote out so that we can eat the rich in spite of their efforts to dodge our hungry maws.
I don’t really understand why they’re upset, or how it will raise that much revenue. As the article points out, most billionaires don’t get their billions from income, they get it from investments. For instance, Jeff Bezos’ salary is like $80k, and then he gets other compensation that puts him at like $1.7M. if you put him in a much higher tax bracket, he shouldn’t even care - would hardly notice - because he’s worth $194B. To put that in perspective, if he earns just 5% a year in growth on that, it’s almost $10B. His compensation is like 0.02% of what he’s likely to make on investments, if that.
It’s also worth mentioning that most billionaires can’t really spend much of the billions. If Bezos tried to cash out much of his Amazon stock, the price would plummet and he’d be worth a lot less. What those guys do is take out loans with the stock as collateral and live off of that. Of course, Bezos himself is at a level of wealth where he can cash out a small percentage and it’s still enormous. I think last year he cashed out like $2B worth, which is a giant amount of money, but only 1% of his net worth.
Maybe so, but Biden was just talking about the income tax rate.
The problem with a wealth tax is that it seems like it would be hard to do. If I buy a painting for $1M, do I get taxed on that amount regardless of its value even if it’s worth ten times that? Do I have to get it appraised? If so, just once or every year because the value can fluctuate? If I buy a rare classic car that’s rusted out, and I restore it, how is the value calculated? Now imagine I have a giant art collection and a giant car collection. It just doesn’t seem workable.
I’m sure all that stuff is insured. Not difficult to assess wealth. Don’t have a wealth tax kick in until over $30 million (whatever number). Seems imminently workable to me.
Because Democrats are neoliberal conservatives who don’t care about the average person. The only reason Democrats are so obviously preferable to Republicans is that Republicans are fucking insane.
“Won’t you please stop and think of the billionaires?”
“For just $5,479,452.05 a day, you can support a multibillionaire who needs you TODAY.”
🎶🎶 “We are the world… we are old white men… We are the ones that have yachts that need second yachts to land helicopters on… so you start giving us your change… If you don’t, we’ll fucking find a way to kill you.” 🎶🎶
Oh, so it’s about the vague promises he made in a speech, not actual policy? Excuse me if I don’t rush to celebrate how marvelously progressive he’s being just yet 🥱
Billionaires: You want to prey upon the rest of us unilaterally? That fine. Just stay on your little island, announce it as a sovereign nation, pay to defend it, and good luck! That’s what happens when you contribute nothing to society yourself…
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