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Probably not how it works (cdn.masto.host)
submitted 11 months ago by to c/fedimemes@feddit.uk
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Source: https://oslo.town/@luftvaffel/115327708667457159

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[–] 24 points 11 months ago* (5 children)

There literally should just be a cap. Make it something ridiculous like "billionaires are not allowed to exist, so everything you earn past $999,999,999.99 is public property" and I don't see any way how someone could disagree with this other than wanting to be a malicious parasite. That is more than enough money to buy a yacht for your yacht and is also an amount of money that cannot be legitimately obtained.

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  • [–] 6 points 11 months ago (2 children)

    Just reinstate 1950s top marginal rates. Then have a drink after a job well done.

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  • [–] 1 point 11 months ago (1 child)

    Despite the headline tax rate being over 90% in the 1950s, the federal government collects about 3 times more real revenue per person today (with a top rate of 37%) than it did then.

    The only reason it was ever that high is because the tax code at that time was so full of loopholes/deductions/etc. (that are closed today) that you could have that be the rate with practically no one actually paying it.

    What I'm trying to say is, don't hold your breath for that to ever return in present day.

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  • [–] 3 points 11 months ago (1 child)

    I've always liked the idea of the cap being an immediate loss of any legal property protection.

    This would not be through any process, they simply instantly legally cease to have any property rights anytime they cannot prove their net worth is below the limit.

    Any member of the public can reclaim any piexe of their ex-property, until the not-quite-billiomaire gets a court ruling confirming their not-a-billionaire status.

    Then the not-yet-billionaires can figure out how to constantly stay comfortably below the limit.

    Or...they can file an updated wealth disclosure every time they attempt to keep anyone from walking away with any piece of their former property.

    If they want to avoid the inconvenience of their yachts, cars, pets, plants, fences, lamps, and television sets being repossessed, they can negotiate with their employees unions for collective ownership in good faith, instead.

    It'll be fun to see how many of them are too stupid to take a good deal, and lose their stupid toys.

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