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My limited understanding is that once you're super wealthy your actual income doesn't matter. They take loans against their wealth to pay for whatever they want.
We need to tax both capital gains at a rate higher than labor and tax loans as income if they use stock as collateral.
Yes but this is an article aimed at a casual audience of wage-laborers, who undestand wealth as the thing you get for a job.
And the details of the demand don't really matter that much, because at this point it's clear that even a milquetoast request like this will still prompt the US oligarchy to have the secret police fire on protesters. Imo if anything you want the demands to initially be as mild as possible, makes them look more unreasonable. Once people are onboard you can push for more important goals.
I think we need to decide, if unrealized gains are real gains. How you can loan using unrealized gains as collateral if from tax purposes it’s not real money.
If you can loan money using unrealized gains a collateral you should be taxed. I am not saying you tax unrealized gains, but taxing when get money “from” it.
But loan is considered a loss and you even get a tax break.
Also need to limit tax write-offs to really business needs, like rich people can get a huge car like a Mercedes G class on their business and write-off the cost for instance. The rich have a lot of loopholes. Incentives should be limited to people and companies making a X sum. If your company makes billions, I don’t think you need a tax incentive.
I propose we tax owning stock like property
What we need is a wealth tax. If you don't want wealth to be hoarded, then you tax it. The rich and their stooges online will parrot that "wealth taxes don't work" precisely because it is the only tax that does work and that is why they oppose it.
They already play a shell game with wages, so they don't pay income taxes. Most of the really rich and successful people have their incomes derived from capital gains and then use the talking point that it's already money that was taxed through their business so it shouldn't be taxed further.
TAX CAPITAL GAINS.
I predict we're going to see our first trillionaire by the end of the decade. It's beyond obscene. If you "earn" (lol) more than 5 million dollars a year, you should have that part taxed at 100%
Musk is currently trying to negotiate a pay package from Tesla, which, if approved would pay him roughly a trillion dollars over the next decade. It's into the "not really comprehensible by humans" range.
Why the fuck does this ugly cunt need more money?? It's just a small dick competition at this point.
Maximum wage laws don't make sense because the ultra rich get their wealth from investments, not wages.
At some point, we decided that people who work and make $100K a year get taxed 50% more than people who make the same money from investment. Income is income. Get rid of capital gains special status.
And this loophole of borrowing money against stock value is income, and should be taxed as such. If we did this, everyone's income taxes would be much lower, national debts would be in reduction.
But the Wall street dicks consider taxing on investments "getting taxed twice", and hedge fund managers still pay NO income taxes, only CGT.
Nailed it.
What we need is a securities tax: a tax on every stock, bond, and other financial instruments in their portfolio. No need to liquidate it; the shares are simply transferred to the IRS annually. They'll liquidate those shares slowly over time.
Natural persons are exempted on the first $10 million of their portfolio. No exemptions for artificial persons.
It's not wages that are the problem, it's compounding multi-generational wealth. It's very easy for rich people to make their income zero.
Amen. Minimum wage was a good start, but it's become a mere virtue signal for labor rights. I have no reason to believe a maximum wage wouldn't function similarly. Furthermore, nominal sums are pretty meaningless with currency anyway. Inflation makes them irrelevant pretty quickly. Progressive tax and social subsidy is what works, historically.
Everyone makes $1/hour.
But everything only costs $1.
1 hour of labor = any 1 thing.
Work three hours, buy house, sports car and superyacht.
Which everyone works to make because a single grain of rice is $1.
Bro we're gonna starve.
Maximum profit laws.
The thing about most mega rich people is they don't earn wages. So this wouldn't affect them.
Came here to say this. They're poor, see how much their salaries are? Just a million, which they reinvest into the company for another share of 1% of their 3 trillion dollar company... that they control, and fire 20k employees to get back 50 million in just a week for their share...
90% tax rate over 1million a year including capital gains. No cap on social security
We need monopoly busting, and inheritance tax, and general wealth redistribution. We need to stop monetizing basic needs and start paying fair wages. Income cap solves none of that. No way you can sell ‘income caps’ to the general public.
They’ll use those laws on regular folk while they ignore them or use loopholes
Maximum wage would be nice, but the inequality doesn’t happen with wages, it’s stock options, asset hoarding, and rent seeking. These people don’t pay taxes, or claim wages lol. Inheritance tax of 95% of 11Million that’s an idea! Need to strip the aristocracy of its belongings.
This article is TERRORISM (according to Trump's Republican Administration!)! If you would like to NOT be Terrorists please SHOOT UP A CHURCH IN A MAGA HAT instead!
"It's not that I must always have a lot. I mist always have more than everyone else. Forever. And everyone else must show their enthusiasm about me having the most."
All incoming money and assets. Hell, tax all assets at 100% over 100M. Maybe even hard code a limit to the size of corporations, since they are people the same rules apply.
Most billionaires don't earn a wage at all. So they're ahead of you on this. Most of their wealth comes from simply lying about what their shit is worth, and other rich people agreeing.
What you meant to say is we need a wealth tax.
I agree with the post who said that it should be categorised as a mental illness. If I had 100 cats people would look at me funny, if I was going around the state grabbing every cat I could get my hands on they would have me locked up.
The solutions aren't complicated. What's complicated is getting the solutions implemented when enough representatives are bought out by the wealthy.
That won't solve the borrow, die, repeat. It's a great idea and should definitely have been implemented yesterday to modify the incentives of middle management but we REALLY need to start taxing people on a "personal GDP" after a certain level.
Space Kare pays proportionally 1\10 of the taxes I pay without having a "wage".
"Oh, you want to buy twitter for 50b, here's your M&A property tax of 25%"
Yes. If congress really had their shit together, they could implement something at the IRS where each really wealthy person is audited and taxed on their personal GDP. Auditors could present their findings of wealth and a committee could tax the value at an appropriate level.