Dan Sugalski
Sheryl WeikalA 1% annual wealth tax on billionaires in Illinois would, by itself, balance the budget.
A 2% wealth tax on billionaires would pay for universal single payer healthcare for everyone in Illinois.
Tax the billionaires.
Toast, Anonymous Fedi Fungus@theleftistlawyer the rich can pay 1% of assets under management to wealth managers for uncertain returns. Spending an additional 1%AUM to fix the economy would probably lead to better returns.
Lizzie@theleftistlawyer every gd one of them
🇺🇦 haxadecimal 🚫👑@theleftistlawyer
We can't do that! With a 1% annual wealth tax, in fifteen years, they'd have five times as much money as they do now!
We can't do that! With a 1% annual wealth tax, in fifteen years, they'd have five times as much money as they do now!
Critical Angle@brouhaha @theleftistlawyer how do you logic that?
Alexandre Marcati@criticalangle @brouhaha @theleftistlawyer with return on investment, wealth grows much faster than 1% a year. More like 1% a month or more. So even if it's taxed 1% a year, it still keeps on growing.
Gurre Vildskägg@theleftistlawyer
And don't adjust the lower limit upwards til inflation gets us to where most doctors reach past it at some point in their lives.
If anything, add another % at 10 billion, and another at 100 billion, etc.
And don't adjust the lower limit upwards til inflation gets us to where most doctors reach past it at some point in their lives.
If anything, add another % at 10 billion, and another at 100 billion, etc.
GhostOnTheHalfShellHere is another worthy idea to pursue at the state level.
The states have the constitutional right to dictate the terms of corporate operation within their territory. They can forbid corporations from spending money on political parties or politicians at least that’s my understanding.
There’s more than one way to skin citizens United. I think Robert Reich has spoken on this just recently.
Antitrust is unnecessary component of bringing morbid wealth back to earth
Alex@theleftistlawyer think of what that will cause, they might threaten to move to Idaho or Wyoming where only corrupt uncritical journalists & influencers will visit them all on private planes!
CaliCarol@theleftistlawyer
Yeah and make sure moving to Florida or Nevada or wherever doesn't extinguish the tax liability. Tax income, cap gains etc. based on where they're earned, not where the tax cheats have fled to.
#uspol #TaxBillionaires #TaxMillionairesToo #EisenhauerTaxRates
Girl Lich 🏳️⚧️⚢💀@theleftistlawyer I am sorry, but this is a bad idea. We should tax things we want less of, but we should want more billionaire entrepreneurs
Grease the Subtle@a @theleftistlawyer billionaires exist because of a failure in society. Somebody was not held accountable when stepping on all the necks necessary to accumulate such extraordinary wealth. At my current, decently-paid, civil service public safety job, I would have to work over 1,200 years to accumulate one billion dollars. Gross, not net. No single individual needs, or deserves, that much money and influence. Not even the "nice" ones.
This is not true. While you are right that there are not many nice billionaires, they are very useful. Billionaires who become billionaires legitimately become so by being vital to the creation or distribution of something that people really like.
MeaningfulBits@a @grease @theleftistlawyer I can't tell if you left the /s off at the end or not.
We do not want more people hoarding wealth. They can be very generous $999millionaires and their lives wouldn't change a bit.
@MeaningfulBits @a @theleftistlawyer and really, it's not even about the money, right? As mentioned somewhere else in the thread, most net worth is not liquid assets, so it's all about consolidated power and influence. If you have one dude with $1B, versus 1,000 people with $1M, which scenario is going to better fit into the public good of an allegedly democratic republic government? Which voice might have an outsized effect on public policy?
Of course that begs the question that a demo-repub govt is what we're aspiring toward.
Nini@a @theleftistlawyer If anything has been proven those "billionaire entrepreneurs" are the things we have very little use for and that anyone having that amount of wealth is a failure state caused by lack of paying their way.
The burden of wealth is responsibility towards the societies that enabled your wealth. Failure to do so should mean ostracisation from society at least and being murdered on your lawn by your employees for wage theft at worst.
The wealth that billionaire entrepreneurs have is the evidence of their value to society- billionaire entrepreneurs capture a very small percentage of the consumer surplus that they create, which is the real contribution.
@a @theleftistlawyer It's evidence of a broken system that so much wealth is concentrated in so few hands. It also implies that this money was earned without exploitation of workers or without hiding income to pay a lowered tax rate if any. Nobody should have that amount of money, if you do then something very illegitimate happened and people have definitely died for you to have it.
If they're billionaires then there should be several millionaires under them if it's based on fair earnings with income being commensurate with created value, right? No immense gap between the highest paid, median paid and lowest paid employee under this system, correct?
DressToKILT@a @theleftistlawyer why would anyone want more mosquitoes?
@dresstokilt @theleftistlawyer
We should exterminate mosquitoes, but we should have more billionaires
@a @theleftistlawyer we should have zero billionaires. There is no such thing as an ethical billionaire and it's incredibly weird to hear anyone ever defend them.
At least mosquitos provide food for other creatures.
@theleftistlawyer how many billionaires are in Illinois? I imagine there are like 5-10 maybe? Sports team owners and bank dudes. I imagine a world where every state but one taxes the shit out of billionaires. Maybe put a jet tax in them so they can't just fly in do business and fly out.
@theleftistlawyer it would be interesting to make a table showing wise could be done with every percentage taxed (1,2,3,4,5,6,7,8,9.....).
crispy branzino ☭ (sold out forever)@theleftistlawyer but what if instead we channeled that good energy into a fecklessly incompetent war in the middle east :)
Flipper 🐬🏳️🌈@theleftistlawyer taxation, especially of billionaires, at the national level is not about revenue. Especially in the US.
We don't need to balance the budget. We need to tax billionaires to rein in their power. The only reason to have a billion dollars or more is to use the ridiculous excess to adversely influence our democracy. Billionaires need to be taxed until they are no longer billionaires.
Pavel
MidgePhoto@theleftistlawyer much of the countable #wealth of #billionaires isn't #cash or even particularly liquid.
Accept that relevant proportion of firms, but preferably ones with tangible #property within easy reach, in kind, as payment of that 1% or 2%
States are suitable holders of property,,and can be reasonably good and durable conservators of it.
Cash risks handing ownership abroad.
@theleftistlawyer Any wealth tax on Illinois billionaires would result in a severe reduction in the number of said billionaires domiciled in Illinois. They don't get to be billionaires by paying taxes.
Effectively, the US is a tax haven. The states know this.
Effectively, the US is a tax haven. The states know this.
@original_peterm @theleftistlawyer this has been proven time and time again to not be true. Billionaires love to threaten to leave but never follow through.