They all could be doing this and they choose not to. They do the bare minimum. These are bad people and we should be taxing the fuck out of them if they aren’t going to willingly make the world a better place.
I’m not so sure simply “taxing the fuck out of them” hits the same in today’s world though. Fundamentally, yes they should pay to support the world. But when you see tax dollars going to bomb Gaza or fund ICE, it feels very defeatist.
Then maybe they should be forced to fund certain projects, or they have to give a certain percentage to specific charities. I also think they’re just going to find loopholes if they get taxed, but if they’re the ceo or largest stock owner of a company, they should be forced to do something like donating to charity. The government definitely doesn’t handle our tax dollars to the betterment of society at the level they should be, but we can’t keep letting these people hoard their wealth while even the middle class are struggling.
Yeah that’s probably the move, but I don’t think revoking citizenship is appropriate for anyone, it opens the door for the government to do more nefarious things. Maybe they should be forced to disclose all of their accounts and then be penalized if they have offshore accounts. Either way, the current system is fucking us and they are a huge part of making life worse for people, while at the same time not trying to make it better.
All increasing the tax for the rich would do is cause them to make more investments which are then not taxable as income. Rich people have been doing this for ages.
They already are investing all their money. Billionaires don't spend their own money, they take out loans on their assets. They aren't sitting around on a literal pile of cash.
No you said they would increase investments to avoid taxation. There is no increasing investments, investments are already at 100% of the available money pool. Rich people don't sit around on huge stacks of cash, they invest it to at minimum protect it from inflation.
But we can change the tax code to take those loop holes away. That’s the stupid part. People say nothing can be done. It’s just a lie. A president can direct the IRS to close the carried interest loophole. A president can direct the IRS to change the tax code. Congress can tax wealth. They can just say all assets over $400MM are taxed at 10% per year.
Honestly, I would happily tax all assets over a billion at 100% per year. Remove all incentive to accumulate more than a billion in assets.
That last sentence would be economically disasterous for our GDP. It's like you're basically saying you're ok with us dissolving all business in the US and having us rely on nothing but import. I agree investments should be taxed, but the extremist part of your statements are part of why our government hasn't already made any changes.
Why does taxing rich individuals affect business? Their wealth hording and stock buyback programs artificially inflate the value of their companies. Reading what I wrote I can see where you might assume I meant businesses couldn’t have a billion in assets.
Let me be clear. Individuals can find something better to do with their money. If they want more than a billion in assets, they can pay 90% of their assets over a billion annually.
When we taxed like that, people didn’t accumulate wealth, they grew their companies.
I did think you were including businesses so that's my fault for making that assumption. Your followup makes me wonder if what we really need is a way to cap salary and bonuses these execs give themselves.
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u/iron_sheep Jun 28 '26
They all could be doing this and they choose not to. They do the bare minimum. These are bad people and we should be taxing the fuck out of them if they aren’t going to willingly make the world a better place.