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Robert ReichBillionaires lost $1.9 trillion in 2022.
Elon Musk lost $115 billion.
Jeff Bezos lost $80 billion.
Mark Zuckerberg lost $78 billion.
Say it with me, they can afford a wealth tax.
Rob Honeycutt@rbreich
That, and theyâd still pay a lower rate on their gross income than most Americans.
That, and theyâd still pay a lower rate on their gross income than most Americans.
Peter Drake HAS MOVED@rbreich Wait, what? I thought they were cleaning up during the pandemic. Was 2022 much worse for them than the previous two years?
Elon Musk stick@peterdrake @rbreich
Musk: Twitter and Tesla falling due in pasty or that and it was stupidly valued anyway
Zuck: metaverse
Bezos: we stopped buying everything online?
Bob Starr@rbreich ...and still rich enough to be a-holes without consequence. They can absolutely afford a wealth tax.
Andy Waschick@rbreich I call that.. a good start.
J$@rbreich but but but that will diminish their extreme loss capability!
catraxx@rbreich That's our money they lost there, btw.
: j@fabrica:~/src; 
@rbreich honestly, I care less about them being taxed âprogressivelyâ than simply getting the accounting info into the IRS. Ease them into it, then let Piketty rip into the data in a decade.
Paddy đ@rbreich they lost that as part of their stock valuation right? Lots of people did.
Are you saying Billionaires should be specifically taxed even before they realize their gains?
Should professors be taxed differently as well? Any suggestions?
Are you saying Billionaires should be specifically taxed even before they realize their gains?
Should professors be taxed differently as well? Any suggestions?
@rbreich is it down the back of the sofa?
Martin Schlegel@rbreich the romans got most of their state funding from a wealth tax if I remember my history lessons correctly (at least in the time of the roman republic) so why canât we? Itâs a proven concept and it doesnât even hurt the rich all to much (depending on how high a tax weâre charging but most people donât suggest crazy high ratesâŚ)
Jaddytoo bad this loss is just in the books and hasn't been spent somewhere.
@rbreich they can !
Rustymarble@rbreich
What happens to this imaginary money they "lost" ? Where did it go?
What happens to this imaginary money they "lost" ? Where did it go?
Kevin Karhan 
@rbreich not only can they afford it, but #CapitalGains being taxed not more than #WageWork is an insult to every #WageWorker who plays by the rules and pays their due share in taxes and social service contributions...
And that is the problem.
Rick@rbreich Can you explain how a wealth tax works? Is it just a percentage of total assets per year? If they take a loss like you just described, would they get any kind of credit back, or is just a tax on assets as if a given date (quarterly?)?
Mahowald@rbreich if they paid the tax and then lost this wealth. What would happen. Refund ?
Sensational GusYes, they can afford it. The point youâre missing is they really really really donât want to.
Aho
VoG@aho @rbreich Hello there! As far as I can tell (I've done some research on the matter, but nothing exhaustive) the rich were not compelled to do public works in ancient #Athens, rather, the culture was such that they viewed such works as enhancing their reputations and this was fundamental to their way of life. In ancient #Greece they competed in all things, including who might be viewed as a great benefactor or sponsor by the 'demos' or nation. Anyway, just my $0.02 worth.
British Tech Guru@rbreich perhaps they should also tax tedious sounding professors every time they post something banal!
RickNobodyBeinz@rbreich đ When you divide $1.9Trillion by the estimated 2755 Billionaires (as of Forbes Billionaires list of 2021), the average loss is a mere $689.6Million. Obviously, 3 of the top Billionaires lost far more than the average.
However, it's also assumed that they will ALL recover those losses within a year or so.
Ultimately, you are spot-on Mr. Sec'y. They CAN afford a wealth tax!! BUT, unless they all have some sort of consciousness raising experience, they won't allow the Govt 2 make it Law!
However, it's also assumed that they will ALL recover those losses within a year or so.
Ultimately, you are spot-on Mr. Sec'y. They CAN afford a wealth tax!! BUT, unless they all have some sort of consciousness raising experience, they won't allow the Govt 2 make it Law!
Brandt (ZS6DI@rbreich @BorrisInABox In all respect, what you are saying, donât bother to work and earn good money. Poor people are so petty that they wonât allow you to have what you earned with your own sweat, and yes, I consider starting and running your own business, working your ass off. Some people happen to be more successful at it than others. Give the devil his due.
woollypigs@rbreich and they are still the richest people on this rock
Big Head Tales@rbreich Those billionaire dude-bros los all those billions and didn't feel a thing. No negative impact whatsoever. They will never want. They will never be hungry.
They will do anything they can to installfascist governments to make sure they never pay taxes.
@rbreich great. they should lose even more.
Sasha Firsov@rbreich every penny has to be a subject for small taxing, does not matter where it came from. It is a subject to guard, service, and support. Not the income, not "wealth" but actual ownership expressed monetary. Whether it is a church, holding, hospital, or shares pool. In such formula there is no poor or rich, each penny is participating. Obviously more assets would be taxed more.
NicholasR
Doctor of Electricity@rbreich This country only helps the rich. Why do we poor keep putting up with it?