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I mean you could even take the bottom number and leave them with the top number and they could still live in unimaginable luxury forever. Or just take the lot because fuck em lol.
I couldn’t imagine spending $1 billion in my entire life, let alone 3-4.
The difference between someone with $1000 and a million dollars is the same between a millionaire and billionaire.
A million seconds is about 12 days. A billion seconds is about 32 years.
Most of their billions is ownership in companies they grew into what they are today. It’s not like they have billions to spend, it’s that their ownership is worth billions according to the market.
They could go to any bank and leverage that asset for a loan for more than everyone who posts on this platform will make in their lifetimes no problem. That is a nonsense talking point
What’s your point? So because they can leverage their ownership of their own company we need to take away that ownership?
Yes, if you can control more wealth than a mid size city earns in ten lifetimes, you should not be allowed to do that
I don’t think the stock market should be determining if we take away companies from their owners, no matter how much it’s worth. Why does having more wealth than a certain size city matter? Especially if your company has more employees and customers than even a large city?
Especially if your company has more employees and customers than even a large city?
Why do those employees get the bare minimum? Why are the working majority excluded from ownership and decision-making in the companies they run?
True, but that ownership gives them access to very low interest loans that they then use as spending money and don’t have to pay taxes on it
So what? We should take away that ownership because they can leverage it? Also the same people suggesting we tax wealth like this want to also close those “loopholes” of low interest loans on shares.
Yes.
Yes to taking away wealth or the way to leverage it?
Taking away (extreme) wealth. There’s no reason one person should have that much. There’s countless better ways to use that money/wealth than for one persons extravagant lifestyle. And even if they don’t have an extravagant lifestyle, what are they gonna do with it? Doubt they will build infrastructure out of good will with it.
You all realize they don’t have that money laying around to pay the IRS right? They own companies, those companies are worth that much. To pay that you would have to liquidate those companies. So no more Amazon, Tesla, Space X, etc…
I highly recommend you to read the paper billionare argument. The market can stand the liquidation of most of those companies without making them go bankrupt, we don’t want them to stop existing, just to make them smaller and not a threat to democracy.
For the whole scale of wealth I also recommend going through wealth shown to scale
Do billionaires actually have billions in real money sitting around? I’ve always thought the billions were in stocks and couldn’t be taxed until they cashed it out and they could technically lose everything if the stock price falls. That’s really fucked up if true
Tax billionaires until there are no more billionaires
