Wondering if wealth inequality is out of control?
Well, Jeff Bezos made over $7.9 million an hour last year.
In just 13 minutes, he made the equivalent of what a typical person earns in a lifetime.
Don't tell me that the rich can't afford a wealth tax.
@rbreich It doesn't matter.
You can point this out every single day to every single human on Earth. It won't ever matter until someone DOES something about it.
They have too much power, so you can't do anything about it, until people start getting the pitchforks sharpened and the torches lit.
@NosirrahSec @rbreich nah. No violence needed; not towards anything living anyhow. The wealthy could easily use violent incidents to play into their own power.
We need to show that they are no better than us. We need to the world to see that such inequality is bad for democracy. We need to call out how poverty leads to shorter lifespans. This is not a battle that can be won overnight. The fight for #humanRights and #basicDignity is a long-term ongoing struggle.
@IanStuart @rbreich Yeah, you can shit in one hand and wish that simply talking about the problem will solve it into your other hand.
Let me know which hand yields results first. It's 2024 and the wish hand has been empty since the 60s when Billionaires gained control of society at large.
Ugly, isn't it?
@rbreich The thing about the wealth tax is that it doesn’t actually make the super wealthy poorer.
A wealth tax just slightly decreases the rate at which they grow wealthier.
Yes, they can afford a wealth tax!
@rbreich the "not being able to afford it" part never was an issue...
But as a former Secretary of Labor you surely know that one.
The far more interesting point is, why where you not keen/able to fix it when in office?
@rbreich Bezos wanted to be a dragon when he grew up.
@rbreich Income taxes are easier to collect and harder to avoid. They are withheld at the source if necessary. They could certainly be much higher for those with very high incomes.
We don't have wealth taxes because they are difficult to collect, with a few exceptions.
Real estate is relatively easy to tax because it can't move. Vehicles can be taxed because they have to be licensed to use the public roads. We tax those.
Other forms of wealth are more difficult.
How do you determine the value of a nest of offshore shell corporations?
A wealth tax is also problematical with very volatile assets. One could incur a ruinous tax liability due to a momentary spike in its price.
Of course, there would be capital flight to jurisdictions that do not impose such a tax.
@rbreich A friend once told me about a rich guy she knew: "He says he makes $1000 every three minutes. Oh, but he's a really nice person!"
Me: "If I made $1000 every three minutes I'd be a really nice person too!"
Americans that owned homes made an additional $50,000 last year (on average) in addition to their salary.
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