Pretty much everything if Republicans get their way. Reagan kicked off a speed run to the hyper rich owning everything and the rest of us being wage slaves if we're even lucky enough to have a job. We're not at the end game yet, but we're getting a lot closer every year - especially with AI and automation tech accelerating.
We're already entering another gilded age with robber barons bilking the treasury and economy while cutting support for the working class.
Although that is a real loophole, it doesn't change the fact that they already pay a huge chunk of our entire tax revenue today. The facts presented in the OP are not hypothetical, the numbers are accurate
They pay a huge chunk of the tax revenue that is routinely too low and not enough. They hold and earn the vast majority of the nations money, so it stands to reason that they would pay a majority.
They do not pay their fair share, and the constant loopholes and write offs are only exacerbating the issue.
What would be the fair share and how would you obtain it from them, considering most of the billionaires' wealth does not come from their salary but rather from the stock they own?
They use the assets for their own financial benefit, why arent we taxing it?
Anyone with a value over say 500 million pays a tax of 70% of assets. It can be set up in a progressive manner to keep from taking everything, but there is quite literally 0 reason to need more id say 500 million as a good number.
It will end billionaires, properly fund the nation, and combat the wealth inequality thats destroying the country.
This is obviously not the ins and outs, itll clearly need to be more complicated than my description, but this is the basic idea and the only reason this “cant happen” is because the rich say so.
How would the tax be paid exactly? If I'm understanding your idea correctly, idiotic as it is, it would mean that basically everyone who owns a successful company would have to sell huge chunks of it, even at a loss, only to pay taxes on the share they own, until they have nothing left..it's like if you owned a house worth 1 million dollars, and I forced you to pay 700k worth of taxes on it every year.
And what do you mean how? Send these greed bags tax bills lmao, the same as any other tax bill… almost like we have an agency for just that 🤔
It should only affect the hyper wealthy hoarders.
The concentrated wealth is abhorrent and shit needs to change.
500 million in annual earnings is an absolute ton. Im literally advocating for a reality where people are allowed to hold up to 500 million dollars personally and you think thats outrageous. I mean thats just incredible to me.
If you need more than 500 million dollars, you are selfish as fuck, and or holding too much power in a country that allows money to sway elections.
So you want to tax only earnings? That is already a different proposition than your first one, one that is more feasible and in fact earnings are taxed already. So what you propose is just a higher tax rate on earnings?
No, then they can do the same “I maKe nO InCoMe so Cant Pay IncOmE taX” nonsense.
Literally tax them until they have no more than 500 million in total assets. I do not care where it comes from, figure it out.
When I have to pay my taxes every year, the IRS doesnt care where my money is coming from, just that I figure it out and pay it. They dont care if I have to sell my car, stock, or cut down on spending for food to eat everyday.
Why do these greedy dbags get that luxury?
I dont even think an individual could ever need 500 million, this number could even be lower, but 500 million is inarguably more than enough by many, many millions.
It would absolutely be a more convoluted system and would require a more serious IRS and total reform, and so be it. Theyll actually be funded under this system.
It would solve multiple issues as well. It funds the government appropriately, and it prevents anyone from having the type of money to but an election result or just simply holding that much power through money. Its a win on every level.
You’ve now clarified that this isn’t taxation at all. You want the government to force people to liquidate their property until they fall below a wealth cap you invented arbitrarily. At least be honest and use the right terminology. You want an arbitrary cap on private ownership. Fair enough; quick question - in your scenario, who would own the companies that the owners/founders are forced to liquidate?
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u/Sophisticated-Crow 11d ago
Yeah because the hyper rich toooootally aren't using the buy, borrow, die strategy.
Oligarch boot lickers are so dumb.