It's a very communist idea that one should only be entitled to have resources to the degree that they can use them. One could say the same for farmers (they can't possibly need/ use all the land, the crops, etc.), but I digress.
First, we need to define what you mean by "billionaires," because if we're speaking of values/ principles they should be universal. A "billionaire" in Japan is not the same as a billionaire in the US, as their exchange rate is ROUGHLY 100 yen to 1 USD. So, at what point in wealth accumulation does it become ARGUABLY immoral, as it's concentration beyond fathomable reward. Should the person who cures cancer be set for life; able to live in a gigantic house, and never have to worry about a bill again? Most would argue yes. Any constraint on wealth accumulation (in our current system)- and we're talking money here- will have an impact on innovation/ risk taking.
How large this impact on innovation/ risk taking is uncertain, but we need to quantify it, and at what degree (say $5 Billion in current USD, adjusted for inflation) this risk becomes acceptable.
I think it's troubling that Bill Gates (despite his philanthropic efforts) is buying up huge sections of our country. It's also troubling the amount of pressure that billionaires can have on elections and policy initiatives. If democracy/ republicanism has any chance of success there need to be systems to equalize each individuals "voice."
Nevertheless, I believe to some degree wealth creation (and it's not the laborer that creates wealth, commie) should disperse to the community. I know there are some people who will be homeless losers regardless of the country's system, but we should all share in the successes of our fellow citizens. The US has invented nearly every modern invention, and for that reason our citizens should live well.
So, I'm not a fan of Red Guard type tactics, where we simply remove them, because then we're removing our best and brightest, and disincentivizing others who would take on risk to make similar impacts (Russia & China did this to their detriment). But all those of significant wealth (including in securities, not a vault of gold coins) should work with the government to channel this into better infrastructure, subsidized healthcare/ education, and other public works once they accumulate say $3-5 billion.
Of course they should exist. Why the hell would I spend millions of dollars in resources to make more money to provide more goods and more services to people and they’re not expect to keep my own money that’s ridiculous. If I was Jeff Bezos and my income was capped at say 999,999,999.99 I would stop making money I would shut down the eye wouldn’t sell the business because I would be over that billion dollar mark there would be no reason for me to continue the business. Once I’ve made it $999 million or say we even Cabot at 10 million why would I continue to provide the goods and service that made me $10 million just to give it all to the government. It makes no sense. What makes sense is billionaires get to keep money pay what I think should be a flat tax of 20% and continue to make money which incentivizes them to make a new business or add onto the first business using the Amazon example again why would I make Amazon prime if I’m already making $1 billion on Amazon. You got understand that it’s these billionaires and millionaires that create jobs it’s not the federal government. The federal government does not create jobs. They destroy jobs. They stifle innovation, and overall are terrible for society when it comes to business government sucks and pretty much everything. I don’t know why you would want to give them more money.
Take. It. Easy. Was thinking more of a tax increase when you make over a billion. It’s idiotic to think businessmen would REFUSE money just because an extra 10% got deducted for taxes.
If we’re talking tax policy I think we either should have a flat tax or 20% or the federal government should have to rely on only sales tax and we should abolish the 16th amendment
Thats regressive. Progressive tax going upward is the only way it works.
Otherwise, poor people would be paying flat 999 stupid tax rate or whatever. Right wingers always try to squeeze the poor for taxes when the money is up there.
I think within the USA system they literally HAVE to exist. Now as Warren Buffet argues there should be taxation changes , I'm a massive Buffet fan , and he makes the point , being worth 89 billion , that even if he had literally NO IDEA with the USA market , and just did exactly the same thing with an index fund he'd be worth around 55 mill US , he'd live exactly the same only difference is few would know who he was. He will give away virtually all the billions anyhow , and he is about to turn 92 ! He doesn't live a flash life , life wouldn't change , so its pretty hard to argue that Burkshire Hathaway was not a great organisation for the USA as a whole , as they have lets say " assisted " all those businesses they own create.
That's how free enterprise works , why do you think that the USA is what it is compared to Europe , you guys are the kings of free enterprise and the last thing you need is socialist ideals. Its not a perfect system but its better than any other.
how many stupid people are there buying and inflating their stock prices, buying their products, and destroying the environment in the process? just printing up all that money and running the computers to count it is destructive.
They DO use it all. Where do you think jobs come from? And what do you think will happen to all those jobs if you try to take away their wealth? Their wealth is the company they own. You can't take away their wealth without taking away the jobs.
Why can't people figure out that they don't have that money? People hear that so-and-so is worth 100 billion, and people act think they have 100 billion dollars. They don't. It doesn't exist.
As for taxing corporations, there is no such thing. Corporate tax just means you make the company a tax collector for the government. The company's customers pay that tax. There's no one else to pay it.
one note, corporations don't pay taxes, they collect them for the government from you and I. Every dime a corporation pays in taxes is collected from you and I when we buy their products. Raising taxes on say, computer companies will increase the prices of computers by the exact amount of the extra taxes. It is 100% the same as raising the price of the raw materials used to make a computer. The company has no alternative than to pass on the cost to the customer. I'd be fine with raising taxes on corporations who only make things I don't need so the taxes have to be paid by others but not me.
i don't have any problem with entrepreneurism. but buying out companies once you're at the top shouldn't happen. i don't know how to control that. certainly not a government bailout. the get rick quick idea we put into people's heads is toxic. i honestly don't know if any of those men are innocent of stealing ideas.
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Anonymous
(36-45)
+1 y
At the end of the 19th century they were called robber barons. Men who funnelled all the money up even buying governments
You’re asking if I advocate murder? Or do you mean judicial execution based upon net worth. No. I don’t think we should kill people because we don’t care for their success.
Yes. Many countries have a billion currency as a few thousand USD. There’s a literal joke stating that one was a billionaire until they bought food. Jobs, Musk, and the baldie ought to pay more taxes, though, and rent shouldn’t be really high.
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Anonymous
(36-45)
+1 y
According to CNN, Elon Musk will pay $11 billion dollars in taxes.
No I think the largest gdp economy should grow some balls and start making these fcks pay their fair share.
Just to be straight though, I also think unemployment should be changed to govt employee not and be put to work cleaning neighborhoods and parks or construction.
I don't have a problem with a person being a billionaire, but I do believe the tax rate of the extreme rich should be at least 50% at the federal level.
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Anonymous
(45 Plus)
+1 y
No they should not be allowed to exist, abuses like this and what is going on in this country causes Feidel Castros and Communism. The gap grows wider and wider.
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