Economy Global billionaire tax could yield $250 billion annually, study says

[Ramon Antonio]

I highly doubt that they could actually get that amount. Billionaires have too many options to get out of paying. They’ll find loopholes.

 

[Scheme]

Those damn billionaires buy off your government, basically haven't raised wages in 40 years, spend millions lobbying for lower taxes, weak regulations, and to make sure your family depend on them for Healthcare. Yet here you are polishing their knob like a good little boy. I will never not find it hysterical that you "anti establishment" righties will never miss an opportunity to slob on the knob of the largest establishments that exist - multinational corporations

Billionaires can't pass laws. That is on elected officials, who are an extension of the citizenry. I don't see why you are blaming billionaires where the real blame should be put on corrupt politicians (and by extension the citizens who voted for them) who actually wield the power to do anything.

Also the top 1% already pay a disproportionate amount of tax compared to their income. They pay 1400% more tax the bottom 50% pay, and given that they are only 1% of the population, on average someone in the top 1% pays a thousand times more than a person in the bottom 50%. Perhaps you should be thanking them for actually contributing to society and paying for so many people. I don't see why you feel the need to demonize someone who is paying for the social programs of thousands of people. The only real argument is that they have too much influence over politics, but again that is more the politicians' fault.

 

[Scheme]

I highly doubt that they could actually get that amount. Billionaires have too many options to get out of paying. They’ll find loopholes.

Except the top 1% do pay a disproportionate amount of taxes, about as much as the bottom 90% of earners. There may be some loopholes here and there but the data simply suggests that they are being taxed at a very progressive rate despite them. We should look at closing any loopholes we find, but that isn't on the billionaires to do, that is on politicians who wield the power to do so.

 

[Sano]

Holy shit you guys never fail to disappoint. You constantly complain about the elite, yet rising wealth inequality and the absurd amount of wealth extraction, and the political ramifications, of billionaires is no issue apparently.

 

[Belaya Smert]

Let them have their death submarines. We would just waste the money on something frivolous.

 

[chardog]

Can always rely on this place to be full of simps for billionaires. Mfs have ant mentality ffs.

you must be living under a rock

this "game" of talking about tax the rich, is borderline mission impossible, all while the middle class is experiencing first hand, a tax on the underclass via inflation, via energy prices.

sure, you can tax the rich more, and you can guarantee that there will be more giveaways towards the rich than ever before. right now, we have less spending power than ever before, and that's with a president who made a promise no new taxes for people making under 400K

this is basically soy for you soy consumers, a giant misdirection for those with their heads in the sand. Propose mission impossible to people that have no clue about finances, while demolishing the people that eat this shit up.

 

[chardog]

yall must have forgot
https://forums.sherdog.com/threads/psa-new-irs-600-tax-rule-for-2023-venmo-cash-app-paypal.4309386/

600 dollar rule to prevent fraud..... "targeting billionaires" right................

 

[ColemanwastheGOAT]

Imagine how long we could keep the Ukraine war going!

 

[KAZSoliloquy]

that’s income taxes. billionaires don’t become billionaires via their salaries.

 

[Crawler89]

mmm was gonna say theres gonn be a lot of people defending billionares here

 

[PEDS Help me Post]

Those damn billionaires buy off your government, basically haven't raised wages in 40 years, spend millions lobbying for lower taxes, weak regulations, and to make sure your family depend on them for Healthcare. Yet here you are polishing their knob like a good little boy. I will never not find it hysterical that you "anti establishment" righties will never miss an opportunity to slob on the knob of the largest establishments that exist - multinational corporations

But hey man, one day he's gonna rich like them billionaires! And when he gets there, he doesn't want no pesky taxes taking away his hard-earned billions!

 

[fedorthegoat777]

I hate low life's that try to leech off successful people.

In this case it is the government leeching off successful businessmen.

Why doesn't the government create something positive for themselves rather than steal other people's money?

 

[KAZSoliloquy]

I hate low life's that try to leech off successful people.

In this case it is the government leeching off successful businessmen.

Why doesn't the government create something positive for themselves rather than steal other people's money?

this guy doesn’t understand what a government is <Lmaoo>

 

[Renard]

In reality rapacious elites and their private bankers have hidden the money in multi-jurisdictional networks of legal and quasi-legal entities and by definition the money is uncountable. The money doesn't just come from celebrities like Musk or Bezos, it's mostly old aristocrat and banking families, very low-key people. A lot of money has also been stuffed in 'philanthropic' organizations that advance the financial agendas of their owners. A 2012 analysis estimated the hidden money at $32 trillion, likely $50+ trillion by now. This Reuters article talks about billionaires having $13 trillion, but that's the visible money. The hidden $32 trillion is on top of that $13 trillion. The OECD has always talked big about fighting tax havens but in practice they've never done anything. They could require financial institutions to report their cross-border customer liabilities, deposits, assets under management, etc, but they don't. If anything the world's largest banks have been expanding their lucrative "pirate banking" operations while institutions like the G20, the BIS, the IMF and the World Bank have turned a blind eye to it. It's a big club and you ain't in it.

If a wealth tax came to pass, it would only affect the nouveau rich, the ones not rich or connected enough to have successfully hidden all of their wealth. There's nobody old money hates more than enterprising individuals who manage to make a lot of money from nothing. Unlike the ordinary individual who's completely powerless to the games bankers and governments play, these newly wealthy people have some degree of power and influence, i.e. the only ones who can threaten the power structure of old money, even if only to a very minor degree.

 

[heloder]

Can always rely on this place to be full of simps for billionaires. Mfs have ant mentality ffs.

Conservatives in 2023: The wealthy elite bilderberg rothschild criminal biden hillary pedophile world economic forum plandemic crime family cabal is trying to destroy the middle class!!

Also Conservatives in 2023: Billionaires pay their fair share! It's the poor people who are the problem!

 

[Hellowhosthat]

1) Already by the premise of making billions, a billionaire has usually already contributed to society by way of making those billions. Probably by a company that provides some sort of service or resource that is in demand that warrants them becoming a billionaire. The company would employ people as an additional benefit to society on top of that. On top of that, they likely have paid more taxes in a year than most families will pay in their lives.

Going to take issue with this. Does the Waltons or Jeff Bezos perfecting a system whereby they can squeeze smaller companies out of business by undercutting them while paying their own staff as little as possible really contribute to society?

 

[Sweater of AV]

Also the top 1% already pay a disproportionate amount of tax compared to their income. They pay 1400% more tax the bottom 50% pay, and given that they are only 1% of the population, on average someone in the top 1% pays a thousand times more than a person in the bottom 50%. Perhaps you should be thanking them for actually contributing to society and paying for so many people.

It must be wonderful to be this naive and incorrect.

 

[Scheme]

Going to take issue with this. Does the Waltons or Jeff Bezos perfecting a system whereby they can squeeze smaller companies out of business by undercutting them while paying their own staff as little as possible really contribute to society?

Amazon is only a monopoly because people love to use it so much. There are plenty of other online retailers, but most consumers choose to use Amazon. Walmart is similar although there may be a case for predatory pricing there, however from what I know of Walmart is that they've generally kept their prices lower than others, not just to price out the competition but because they actually have the economies of scale to provide low prices.

 

[Scheme]

It must be wonderful to be this naive and incorrect.

How is it incorrect? Do you distrust the numbers the IRS puts out?

 

[Hellowhosthat]

Amazon is only a monopoly because people love to use it so much. There are plenty of other online retailers, but most consumers choose to use Amazon. Walmart is similar although there may be a case for predatory pricing there, however from what I know of Walmart is that they've generally kept their prices lower than others, not just to price out the competition but because they actually have the economies of scale to provide low prices.

Isn't that one and the same though? Aren't a lot of Walmart workers claiming government assistance? Seems if they're lowering prices by squeezing competition by underpaying staff (probably also cutting suppliers as tight as possible as all these companies tend to do) then I don't really see that as a net positive.