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.
Corporations are the only ‘persons’ which should be subjected to capital punishment, but billionaires should be euthanised through taxation.
Where I live, in Washington state, there isn’t an income tax however, finally, they’re implementing one on people making over 1M/yr. There were people out protesting that definitely don’t make 1M/yr. It’s wild.
I am sincerely curious why anyone who has never & will never earn a million dollars per year, why would they be out on the streets protesting against taxing those who do. Maybe they participate in every protest because they’re always down to party in the streets regardless of the occasion.
Nah, I think their main logic is the slippery slope fallacy, it might be them next! They also probably are just against all taxes all the time which, if you think about that for a singular second, how the fuck would they drive their lifted pickup to a protest against taxation if there were no tax dollars to build roads? They probably also don’t realize/understand that we could hold millionaires to a different standard than us, as it’s unprecedented in America.
If they have billions of dollars, they’re not strapped for cash. They have a whole culture and industry designed around tax “optimization” where they buy private yachts, mansions, paintings, and other “real” assets under shell companies to write those purchases off as “business expenses” to reduce their tax liability. That’s why they “don’t have cash”. Because they deliberately avoid holding cash across fiscal years.
They also have sneaky ways of avoiding capital gains tax by reinvesting dividends in ways that defer taxation indefinitely.
That all needs to change, and the only way to change it is through tax policy.
The only way to defer capital gains taxes should be through certain retirement plans, which are generally used by the working class because billionaires don’t need 401Ks. And they still get taxed at the end of term when the money is withdrawn, and they can’t be withdrawn from early without a tax penalty.
All these exceptions for billionaires written into the fine lines of the tax code that you need to be able to afford a personal accountant and layers of shell companies in order to utilize needs to go away.
Billionaires have the money to pay taxes; we need to stop allowing them to pretend they don’t.
If the valuations are bullshit, then the tax code should call them out on it so that valuations wouldn’t be so inflated. If the valuations aren’t bullshit, then they should be able to sell to get the money.
But they aren’t the ones evaluating it, the stock holders and buyers are. Plus i agree they should be able to sell it, but I’m a system where every billionaire is running to the open market to sell stocks for taxes wouldn’t work because other would pull out of the market. So the value is the sticks would install go down to realistic p/e earnings. Essentially wiping out the wealth we are trying to tax.
They are a stock buyer and holder, so they take part in that pricing. If inflated valuations became a detriment, the stocks would be priced accordingly. We shouldn’t desire unrealistic p/e ratios.
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.
Corporations are the only ‘persons’ which should be subjected to capital punishment, but billionaires should be euthanised through taxation.
Where I live, in Washington state, there isn’t an income tax however, finally, they’re implementing one on people making over 1M/yr. There were people out protesting that definitely don’t make 1M/yr. It’s wild.
I am sincerely curious why anyone who has never & will never earn a million dollars per year, why would they be out on the streets protesting against taxing those who do. Maybe they participate in every protest because they’re always down to party in the streets regardless of the occasion.
Nah, I think their main logic is the slippery slope fallacy, it might be them next! They also probably are just against all taxes all the time which, if you think about that for a singular second, how the fuck would they drive their lifted pickup to a protest against taxation if there were no tax dollars to build roads? They probably also don’t realize/understand that we could hold millionaires to a different standard than us, as it’s unprecedented in America.
But where would the money come from to pay the tax from billionaires? They don’t have cash so they would need to get it from somewhere.
If they have billions of dollars, they’re not strapped for cash. They have a whole culture and industry designed around tax “optimization” where they buy private yachts, mansions, paintings, and other “real” assets under shell companies to write those purchases off as “business expenses” to reduce their tax liability. That’s why they “don’t have cash”. Because they deliberately avoid holding cash across fiscal years.
They also have sneaky ways of avoiding capital gains tax by reinvesting dividends in ways that defer taxation indefinitely.
That all needs to change, and the only way to change it is through tax policy.
The only way to defer capital gains taxes should be through certain retirement plans, which are generally used by the working class because billionaires don’t need 401Ks. And they still get taxed at the end of term when the money is withdrawn, and they can’t be withdrawn from early without a tax penalty.
All these exceptions for billionaires written into the fine lines of the tax code that you need to be able to afford a personal accountant and layers of shell companies in order to utilize needs to go away.
Billionaires have the money to pay taxes; we need to stop allowing them to pretend they don’t.
They don’t have a billion dollars. So where did the money come from to pay the tax?
I’ll tell you, it’s you. The consumer.
I bet you think China pays the tarrifs too
If the valuations are bullshit, then the tax code should call them out on it so that valuations wouldn’t be so inflated. If the valuations aren’t bullshit, then they should be able to sell to get the money.
But they aren’t the ones evaluating it, the stock holders and buyers are. Plus i agree they should be able to sell it, but I’m a system where every billionaire is running to the open market to sell stocks for taxes wouldn’t work because other would pull out of the market. So the value is the sticks would install go down to realistic p/e earnings. Essentially wiping out the wealth we are trying to tax.
They are a stock buyer and holder, so they take part in that pricing. If inflated valuations became a detriment, the stocks would be priced accordingly. We shouldn’t desire unrealistic p/e ratios.
We really shouldn’t, and yet tesla is 350p/e