Ronald Reagon and his trickle-down economics.
this post was submitted on 27 Mar 2025
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Don't forget it took a democratic US president getting elected four times in a row to set up that tax rate. This tax status took about 30 years to fully reverse.
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I hate that people will argue that highly taxing billionaires is disciplining success. Really? In what way? At what point is the success of their brand, product, or company no longer really theirs? When you're a megacorp with hundreds of thousands of employees what about the success they are producing? It's preposterous to keep holding these oligarchs up on a pedestal and continuing to pretend that they add any real benefit to anything other than the optics their PR people invent for them.
I never understood what you guys mean when you say they should be taxed more. Like.. they are taxed for their income under the same laws you are?
Billionaires are not literally sitting atop a pile of a billion dollars in cash. Their "wealth" is unrealised, which means it's the net worth of assets that they haven't cashed in. In most cases they can't cash in their wealth in even if they wanted. How will you tax them on money they just don't have?
I feel you, and that's a problem because if you want to tax a billionaires "unrealized" profits, you probably also have to tax some poor shmuck's unrealized 401k profits when they have like 100k stashed away. I'd be cool with higher consumption/sales taxes for ultra rich person items: third or fourth homes, property in the "x" percentile of value above the average, luxury items like yachts or Ferraris. Theres a whole world of solutions, if only we could get the the politicians to enact them.
Or hell, just make them sell their stocks and pay tax on unrealized profits for anyone above like "x" millions. They'll be fine at the end of the day, and it'll dilute their corporate ownership once the company gets too big anyways.
Are luxury items not already taxed more? AFAIK they are in most countries.
Or hell, just make them sell their stocks and pay tax for unrealized profits for anyone above like “x” millions.
That will tank the share market, close down industries and cause even more unemployment and widespread misery.
Honestly, if they are, then I'm. It rich enough to have heard about it--in the US at least.
How would making a CEO sell their stock crash market prices? If anything, it would just moderate values slightly by increasing supply. Who says this stock market system is the right system anyways? If dethroning assholes like Musk crashes the system, then we need to modify our system.
Investors put money on ventures and industries precisely to build wealth. If they are to be forced to divest at any point, they won't be interested in investing at all. Credit will dry up, overall liquidity will fall. Recession.
Or maybe they'll just have to invest in a diverse group of assets like how mutual funds are already setup?
Or in their own workforce or making their products cheaper for consumers? The money doesn't just exist in a stock market/tax vacuum.