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[–] 39 points 7 months ago (28 children)

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.

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  • [–] 13 points 7 months ago* (last edited 7 months ago) (2 children)

    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.

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  • [–] 2 points 7 months ago (1 child)

    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.

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  • [–] 2 points 7 months ago*

    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.

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  • [–] 2 points 7 months ago (2 children)

    "Financial obesity" I like that, haven't heard that before. Is that yours? Or did you hear that somewhere?

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  • [+] -10 points 7 months ago (20 children)
  • [–] 9 points 7 months ago (6 children)

    Why should you, I, or anyone care where they get the money from?

    A simple answer would be they could sell some of the assets they have which contribute to their classification as a billionaire. If they don’t have the collateral to pay the tax, they’d be able to prove it by no longer being classified as a billionaire, in which case the goal would be achieved with another billionaire being euthanised.

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  • [–] 0 points 7 months ago*

    We just need to extend graduated tax brackets all the way up. Currently the highest tax brackets end somewhere at like six figures, and anything above that is taxed the same.

    Even 90% taxes on a billion dollars still leaves you with a hundred million in spending money. There's no way someone needs more than that. In one year? That amount alone could be put in a CD with a 3% APY and you'd make $3,000,000 in interest in one year. There's no way someone needs even a net-worth higher than $100,000,000, but no one can complain about "only" making that much after taxes in a year.

    Especially when you consider that tax rates only apply to the income above the amount specified in the bracket. That 90% would apply to your second billion made in a year. Everything below the first billion gets taxed at the same rates as everyone else in a given bracket, i.e. your first $100,000 in a year gets taxed the same as anyone else's first $100,000...

    Billionaires have no room to complain.

    Oh, and those graduated tax brackets should apply the same between capital gains and regular income. Currently, the highest capital gains tax rate in the US is about 20%... comparable to someone making about $45,000 a year in regular income...

    That means the highest tax rate someone making money primarily from investments would pay is the same as someone who would be considered at or below the poverty line in most states.... And the billionaires are only paying that rate on their "taxable" interest, meaning it ignores all the money they launder through shell companies and writing off large purchases as business expenses...

    Poor people can't write off rent, food, and utilities on their taxes... so why can billionaires write off mansions, yachts, and paintings...?

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  • [+] -5 points 7 months ago (1 child)
  • [–] 5 points 7 months ago

    Eliminating billionaires will neutralise their ability to manipulate society at the level they currently do.

    Money doesn’t originate from the private sector, if it did it would be fraud. The funding of services, in an economy with sovereignty of its currency, originates from legislation through the budgets passed by the relevant agents.

    Permitting any entity to grow more powerful than the entity responsible for regulating it is carcinogenic, if not suicidal.

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  • [+] -4 points 7 months ago (2 children)
  • [–] 4 points 7 months ago (12 children)

    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.

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  • [+] -6 points 7 months ago (11 children)
  • [–] 4 points 7 months ago (4 children)

    Are you deranged? They have net worths in the hundreds of billions of dollars. They make billions more dollars each year. I just explained in detail how they game the tax system to avoid paying taxes on their gains. I'm not going to write it all out for you again just because you missed it the first time.

    Yes, obviously their revenue comes from the consumers. In the same way your salary comes from your employer. Money changes hands, that's the whole point. What difference does that make?

    By the way, a significant portion of their revenue (with increasing emphasis lately) comes from business-to-business sales. Not the consumer.

    And no, China doesn't pay the US tariffs. The US importers do, and they pass the costs on to their consumers. What kind of idiotic strawman/red herring was that supposed to be? If I was a moron who thought China pays US tariffs, I wouldn't be here saying "tax the rich," would I? Stop deflecting from your plutocrat apologia.

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  • [+] -5 points 7 months ago (3 children)
  • [–] 3 points 7 months ago (2 children)

    "the billionaire don't have a billion dollars"

    Oh yeah, I forgot "billionaire" is what we call someone who doesn't have a billion dollars...

    "No one has figured out how to tax them"

    I just explained it in detail, which you continue to ignore. People have figured it out, it's not that complicated. It just doesn't get implemented because politicians are bought by corporate dark money lobby groups, and people like you do a lot of footwork obfuscating the situation on the internet by pretending billionaires are poor and penniless.

    "the 'wealth' elon has is backed from stocks at 350 p/e. That money isn't real"

    Yes, their net worths are inflated (which gives them benefits on loans, which they use to further inflate their wealth). But that's easy to fix. Either don't let them declare worths that are higher than reality, or tax them at the net worths they declare.

    Either way, that doesn't change anything I said about how capital gains are taxed, or how they should be taxed.

    Get a clue.

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  • [+] -4 points 7 months ago (1 child)
  • [–] 3 points 7 months ago

    I'm not saying their net worth statements aren't inflated, but that doesn't matter to this conversation because it's not net worth that gets taxed. I already explained how they reduce their tax liability, which is primarily capital gains tax for them, and I mentioned things that could be done about it. This whole argument about their wealth being inflated is a red herring.

    Although I don't believe you're being genuine, if you really want to you can look into circular lending and how corporations make a gagglefuck with each other by lending money to each other that they borrowed from each other. But I'm not going to break it all down for you any further because you're clearly not arguing in good faith. If you're just mentally challenged though, I apologize for being harsh.

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  • [–] 1 point 7 months ago (3 children)

    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.

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