Robert ReichNov 13, 2022

A regular billionaire can afford a private jet.

A centibillionaire can afford to buy a Gulfstream jet, every day, for 10+ years.

A billionaire would struggle to buy a pro baseball team.

A centibillionaire could buy every team in the MLB.

We need a wealth tax.

Now.

Show threadJoel Batista
@rbreich many of them have their wealth on paper and some inflate it by pumping the stock of the companies they own pretending to be saviors of the planet. They are very wealthy, still not wealthy enough to produce 44B in cash...
Nov 13, 2022 at 11:53pmWeb
Show threadRobert HolbertNov 14, 2022
@joelbatista @rbreich They intentionally keep their wealth on paper and live off loans against their assets. If the asset grows faster than the interest rate, they can avoid even the low "capital gains" tax rate until (or if) they eventually cash out. Meanwhile, most normal American's wealth is tied up in their homes. If their home values go up "on paper", their property taxes go up even if they have no intention of selling. Regressive system design!